base rate

the rate of pay per unit of time, as by the hour, or per piece, or for work performed at an established standard rate.
Also called basic rate.
British Dictionary definitions for base-rate
base rate
1.  (Brit) the rate of interest used by individual commercial banks as a basis for their lending rates
2.  informal (Brit) the rate at which the Bank of England lends to the discount houses, which effectively controls the interest rates charged throughout the banking system
3.  statistics the average number of times an event occurs divided by the average number of times on which it might occur

Collins English Dictionary - Complete & Unabridged 10th Edition
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