3 August 2023
In the August meeting of the Bank of England’s Monetary Policy Committee (MPC) the members voted by a majority of 6-3 to increase the Bank rate by 0.25% to 5.25%. Two members preferred to increase the rate by 0.5% to 5.5% and one preferred to leave the rate unchanged at 5%. Twelve month CPI fell from 8.7% in May to 7.9% in June.