National Loans Fund 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: xls/PDF/doc
Historical NLF Rates (1 April 1994 to previous business date):

Rates are set by the DMO on HM Treasury's behalf in accordance with agreed procedures and methodologies which are described in a DMO Technical Note last updated on 11 April 2018.


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 -

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 -

For a copy of the relevant 2016 and 2017 Statutory Instrument regulations, please click here (England) or here (Wales).


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.