base rate | |
—n | |
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 |
basic rate | |
—n | |
the standard or lowest level on a scale of money payable, esp in taxation |