Current PWLB  Interest Rates


PWLB interest rates are determined by HM Treasury in accordance with section 5 of the National Loans Act 1968. In practice, rates are set by the DMO on HM Treasury’s behalf in accordance with agreed procedures and methodologies which are described in the latest DMO Technical Note.

Information regarding concessionary rates for major authorities is available on the Concessionary Rates page.

PWLB Fixed Interest Rates

Fixed interest rates are based on gilt yields and are published twice a day, at 9:30am for start of business and at 12:30pm. The DMO, on behalf of HM Treasury, reserves the right to make additional, unscheduled intra-daily rate changes as necessary.

There are currently two sets of rates in operation. The 'new loan' rates apply to fresh advances while the 'premature repayment' rates apply to loans being repaid early. Rates for new loans can be at PWLB standard rate or non-standard rates, whereas there is only one type of rate for premature repayments.

Current Fixed Interest Rates


Variable Interest Rates

Variable interest rates are published at 9:30am each day for one, three and six months, as appropriate.

Current Variable Interest Rates


National Loans Fund (NLF) Interest Rates

National Loans Fund (NLF) interest rates are determined each morning. The Treasury reserves the right to change the rates during the day if market conditions make this necessary.

Current NLF Rates


Reference Rate for Rentcharge and Minor Intermediate Lease Calculations


The Rentcharges (Redemption Price) (England) Regulations 2016, effective from 1 October 2016, and the Rentcharges (Redemption Price) (Wales) Regulations 2017, effective from 10 February 2017, both mandate that the 30 to 30 1/2 year National Loans Fund rate for a maturity structure loan is used for purposes of calculating rentcharges and minor intermediate leases, to replace the yield of the now redeemed 2 ½% Consolidated Stock.

The DMO publishes this specific rate here - Reference Rate for Rentcharge Calculations (XLS) in an historic time series dating back to 4 March 2003 on a daily basis and to 1 April 1994 on a weekly basis.

For more information on Rentcharges, please click here -

Acquisition of Land Compensation Act Rate


Used by public authorities, the Acquisition of Land Compensation Act rate is the interest paid to land-owners on compensation where entry on land compulsorily acquired is made before payment of compensation. This rate is also the maximum which should be paid when land is acquired by agreement and entry is made before the purchase is completed. The same rate is normally charged by departments when they sell land and allow the purchaser to occupy it before completion. The rate will remain in force for the entire quarter until the next reference day.

Acquisition of Land Compensation Rate can be seen here.