The successor, between 1971 and 1981, of the bank rate. In this decade it was the minimum rate at which the Bank of England would lend to the discount houses. This was a published figure; the present more informal base rate does not have the same status. When the government suspended MLR in 1981 it reserved the right to reintroduce it at any time, which it did for one day in January 1985.
Subjects: Financial Institutions and Services.