UK MPC Official Bank Rate Votes

The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The MPC adopts a medium-term and forward-looking approach to determine the monetary stance required to achieve the inflation target sustainably. At its meeting ending on 18 December 2024, the MPC voted by a majority of 6–3 to maintain Bank Rate at 4.75%. Three members preferred to reduce Bank Rate by 0.25 percentage points, to 4.5%. Since the MPC’s previous meeting, twelve-month CPI ...

post: BOE'S BAILEY: **WE DO NOT HAVE A SPECIFIC LEVEL OF THE EQUILIBRIUM INTEREST RATE IN MIND **I DO NOT EXPECT INTEREST RATES TO RETURN BACK TO VERY LOW LEVELS BEFORE WE STARTED TO RAISE THEM, UNLESS THERE IS A VERY BIG SHOCK post: BOE GOV. BAILEY: UNCERTAINTY ABOUT THE UK LABOR FORCE PARTICIPATION ADDS TO UNCERTAINTY ABOUT THE NEUTRAL LEVEL OF UK INTEREST RATES. post: BOE GOV. BAILEY: WE DID REFLECT QUITE CONSIDERABLY ON THE ROLE OF MARKET RATE ASSUMPTIONS FOR THE LATEST FORECAST IN MPC DISCUSSIONS. post: BOE GOV. BAILEY: WE WILL SEE WHERE MARKET INTEREST RATES ARE AT THE DECEMBER MEETING AND JUDGE POLICY ACCORDINGLY. post: BANK OF ENGLAND'S BAILEY: I WILL NOT SPECIFY WHAT GRADUAL MEANS FOR RATE CUTS

post: BOE GOV. BAILEY: DISINFLATION FASTER THAN EXPECTED. post: BANK OF ENGLAND'S BAILEY: WE STILL NEED TO SEE SERVICES PRICE INFLATION COME DOWN MORE BROADLY TO KEEP CPI AT 2% post: BoE's Bailey: Slack Sufficient For CPI At Target In Medium Term post: BOE GOV. BAILEY: A GRADUAL APPROACH TO CUTTING RATES WILL HELP GIVE US TIME TO ASSESS IMPACT OF NICS RISE AND OTHER RISKS. post: BOE GOV. BAILEY: I DON'T THINK IT IS RIGHT TO CONCLUDE THAT PATH OF INTEREST RATES WILL BE VERY DIFFERENT DUE TO BUDGET.

The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. The MPC adopts a medium-term and forward-looking approach to determine the monetary stance required to achieve the inflation target sustainably. At its meeting ending on 6 November 2024, the MPC voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points, to 4.75%. One member preferred to maintain Bank Rate at 5%. There has been continued progress in disinflation, particularly as previous external shocks have abated, although remaining domestic inflationary pressures are resolving more slowly. CPI inflation fell to 1.7% in September but is expected to increase to around 2½% by the end of the year as weakness in energy prices falls out of the annual comparison. Services consumer price inflation has declined to 4.9%. Annual private sector regular average weekly earnings growth has continued to fall but remained elevated at 4.8% in the three post: BOE: BUDGET LIFTS INFLATION BY JUST UNDER HALF A POINT AT PEAK BANK OF ENGLAND POLICYMAKERS VOTE 8-1 TO CUT RATES BY 0.25 PERCENTAGE POINTS TO 4.75% (REUTERS POLL: 7-2 VOTE TO CUT TO 4.75%) || BOE POLICYMAKER CATHERINE MANN VOTED TO KEEP RATES ON HOLD AT 5% BOE FORECAST SHOWS… post: BOE'S BAILEY: LIKELY INTEREST RATES WILL CONTINUE TO FALL GRADUALLY IF ECONOMY EVOLVES AS EXPECTED BOE FORECASTS GDP GROWTH IN 2024 +1% (AUGUST FORECAST: 1.25%), 2025 1.5% (AUGUST: 1%), 2026 1.25% (AUGUST: 1.25%), 2027 1.25%, BASED ON MARKET RATES BOE ESTIMATES PRIVATE SECTOR… post: Boe's: Can't Cut Rates 'Too Quickly Or By Too Much' - Rates likely to fall 'gradually from here' - Gradual Approach To Removing Restraint Appropriate - Maintains September Guidance On Interest Rates - Budget Lifts Inflation By Just Under Half A Point At Peak