Leaders of banks accept some economic restrictions, as this effectively is a way to control inflation (4,4)
I believe the answer is:
base rate
'a way to control inflation' is the definition.
(interest rate set by the Bank of England)
'leaders of banks accept some economic restrictions as this effectively' is the wordplay.
'leaders of' says to take the initial letters.
'this effectively' becomes 'te' (I can't explain this - if you can you should believe this answer much more).
The first letters of 'banks accept some economic restrictions as' is 'basera'.
'basera'+'te'='BASE RATE'
'is' is the link.
Can you help me to learn more?
(Other definitions for base rate that I've seen before include "Interest charged by the Bank of England to commercial banks" , "Bank of England lending index" , "official interest" , "Interest level set by the Bank of England" .)