The Bank of Enland’s Monetary Policy Committee voted 7–2 on 5 February 2025 to reduce Bank Rate by 0.25 percentage points, to 4.5%, citing continued progress on disinflation but persistent inflation risks. CPI inflation was 2.5% in Q4 2024, is forecast to rise to 3.7% by Q3 2025, and then ease toward the 2% target. The Committee will remain cautious and closely monitor supply, demand, and inflation developments to guide further decisions.
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Bank of England cut base rate from 5.25% to 5%
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 5 to 4 to reduce the Bank Rate from 5.25% to 5%. Four members preferred to keep the rate at 5.25%. Inflation was at 2% in May and June 2024 and is expected to rise to 2.75% in the second half of the year and then return to the 2% target again.
Bank Rate maintained at 5.25%
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to maintain the Bank Rate at 5.25%. Two members preferred to reduce the bank rate by 0.25% to 5%. Twelve-month CPI inflation fell to 3.2% in March from 3.4% in February. Monetary Policy will remain restrictive for sufficiently long enough to allow inflation to return to the 2% target.
Bank of England holds rates at 5.25%
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 6-3 to keep the Bank Rate at 5.5%. Two members preferred to increase the rate by 0.25% and one preferred to reduce it by 0.25% to 5%. Twelve-month CPI inflation fell to 4% in December 2023 and is now expected to fall to the 2% target in the second quarter of 2024, but increase again in the third and fourth quarters.
Bank of England holds the Bank Rate at 5.25% for the third consecutive time
14 December 2023.
The Bank of England’s Monetary Policy Committee (MPC) voted 6-3 to maintain the Bank Rate at 5.25% for the third consecutive time. Three members voted to increase it by 0.25% to 5.5%. 12-month CPI inflation fell from 6.7% in September to 4.6% in October.
Bank of England maintains Bank rate at 5.25%
2 November 2023.
The Bank of England’s Monetary Policy Committee (MPC) voted 6-3 to maintain rates at 5.25%. Three members voted to increase the Bank Rate by 0.25% to 5.5%. Twelve-month CPI inflation fell to 6.7% in September, well above the 2% target, but is expected to continue to fall sharply to 4.75% in 2023 Q4, 4.25% in 2024 Q1, and 3.75% in 2024 Q2, and to the 2% target by the end of 2025.
Bank of England holds rates at 5.25%
The Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 5 to 4 to maintain the Bank Rate at 5.25%. Four of the members voted to increase the rate to 5.5%. The 12 month CPI inflation was 6.7% in August down from 7.9% in June.
Bank Rate increased to 5.25% in August
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.
Bank of England increases interest rate to 4.5%
The Bank of England’s Monetary Policy Committee (MPC) voted by 7-2 to increase the Bank Rate by 0.25% to 4.5%. The two members that voted against the rate rises preferred to maintain the rate at 4.25%. The Consumer Prices Index (CPI) inflation was 8.7% in the 12 months to April 2023, which is down from 10.1% in March.
Monetary Policy Committee increases interest rate to 4.25%
The Bank of England’s Monetary Policy Committee voted 7-2 to increase the Bank Rate by 0.25% to 4.25%; two members preferred to keep the rate at 4%. The MPC will adjust the Bank Rate as necessary to return inflation to the medium term target of 2%. Inflation unexpectedly rose to 10.4% in February.
Bank Rate increased to 4%
The Bank of England’s Monetary Policy Committee voted 7-2 to increase the Bank Rate to 4% from 3.5% with the aim to achieve the 2% inflation target while maintaining growth and employment. Two members preferred to keep the rate at 3.5%.
Bank Rate increased to 3.5%
At the December meeting of the Bank of England’s Monetary Policy Committee the members voted 6-3 to increase the Bank Rate by 0.5% to 3.5%. Two members preferred to keep rates at 3% and one member preferred to increase the rate to 3.75%.
Bank of England reduces Bank Rate from 0.75% to 0.25%
10 March 2020
The Bank of England reduced the Bank Rate from 0.75% to 0.25% and launched a Term Funding Scheme to assist households and businesses to cope with the disruption associated with Covid-19.