The Minimum Lending Rate is the lowest rate at which banks can borrow from the Bank of England. Note: On 09/16/1992 the Bank raised the Rate to 12% in an attempt to defend sterling's position within the Exchange Rate Mechanism. This failed and the rate returned to 10% the following day after sterling was devalued. Changes in the minimum lending rate is likely to trigger changes in the base rates of the commercial banks. This index is also known as the official Bank of England repo rate.