BOE minus ECB (GBP/EUR)
• Coverage: 1999–2026
Bank of England vs. ECB Interest Rate Spread (1999–2026)
Historical policy rate spread between the Bank of England (BOE Policy Rate) and the European Central Bank (ECB Policy Rate). As of Sep 2026, BOE stands at 3.75% vs. ECB at 2.50%, resulting in a bilateral policy rate differential of +125 bps (+1.25 percentage points).
Current Spread (Sep 2026)
+125 bps
BOE: 3.75% · ECB: 2.50%
Mean Spread (1999–2026)
+84 bps
28 overlapping years
Widest Positive Spread (2004)
+275 bps
Maximum BOE premium over ECB Lowest / Negative Spread (2008)
-50 bps
Minimum BOE minus ECB differential
BOE (Blue) vs. ECB (Amber) Policy Rates (1999–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (BOE minus ECB, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Bank of England · Amber: European Central Bank
Annual BOE vs. ECB Policy Rate Differential Ledger (1999–2026)
| Year | BOE Policy Rate | ECB Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.75% | 2.50% | +1.25 pp | +125 bps |
| 2025 | 3.75% | 2.00% | +1.75 pp | +175 bps |
| 2024 | 4.75% | 3.00% | +1.75 pp | +175 bps |
| 2023 | 5.25% | 4.50% | +0.75 pp | +75 bps |
| 2022 | 3.50% | 2.50% | +1.00 pp | +100 bps |
| 2021 | 0.25% | 0.00% | +0.25 pp | +25 bps |
| 2020 | 0.10% | 0.00% | +0.10 pp | +10 bps |
| 2019 | 0.75% | 0.00% | +0.75 pp | +75 bps |
| 2018 | 0.75% | 0.00% | +0.75 pp | +75 bps |
| 2017 | 0.50% | 0.00% | +0.50 pp | +50 bps |
| 2016 | 0.25% | 0.00% | +0.25 pp | +25 bps |
| 2015 | 0.50% | 0.05% | +0.45 pp | +45 bps |
| 2014 | 0.50% | 0.05% | +0.45 pp | +45 bps |
| 2013 | 0.50% | 0.25% | +0.25 pp | +25 bps |
| 2012 | 0.50% | 0.75% | -0.25 pp | -25 bps |
| 2011 | 0.50% | 1.00% | -0.50 pp | -50 bps |
| 2010 | 0.50% | 1.00% | -0.50 pp | -50 bps |
| 2009 | 0.50% | 1.00% | -0.50 pp | -50 bps |
| 2008 | 2.00% | 2.50% | -0.50 pp | -50 bps |
| 2007 | 5.50% | 4.00% | +1.50 pp | +150 bps |
| 2006 | 5.00% | 3.50% | +1.50 pp | +150 bps |
| 2005 | 4.50% | 2.25% | +2.25 pp | +225 bps |
| 2004 | 4.75% | 2.00% | +2.75 pp | +275 bps |
| 2003 | 3.75% | 2.00% | +1.75 pp | +175 bps |
| 2002 | 4.00% | 2.75% | +1.25 pp | +125 bps |
| 2001 | 4.00% | 3.25% | +0.75 pp | +75 bps |
| 2000 | 6.00% | 4.75% | +1.25 pp | +125 bps |
| 1999 | 5.50% | 3.00% | +2.50 pp | +250 bps |