Tag: Bank of England's Monetary Policy Committee (MPC)

• Wednesday, February 19th 2025 - 15:02 UTC

  UK January inflation climbs to 3%; Bank of England anticipates ‘bumpy road’ ahead

  

  The UK rate of inflation reached 3% in January, from 2.5% in December, higher than forecasts and with the Bank of England anticipating a “bumpy road” ahead. Forecasts are that it will hit 3.7% later in the year and moving even further away from the Bank's 2% target.

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• Friday, August 2nd 2024 - 11:57 UTC

  Bank of England cuts basic rate to 5% in divided vote; monetary policy will continue restrictive

  

  The Bank of England Monetary Policy Committee, MPC at its meeting ending on 31 July 2024, voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 5%. Four members preferred to maintain Bank Rate at 5.25%.

• Saturday, March 23rd 2024 - 14:24 UTC

  Bank of England confirms restrictive monetary policy: keeps rates unchanged

  

  As decided by the US Federal Reserve, the Bank of England Monetary Policy Committee, (MPC) at its meeting ending on 20 March 2024, voted by a majority of 8–1 to maintain Bank Rate at 5.25%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 5%.

• Tuesday, October 17th 2017 - 18:47 UTC

  Business calls on the Bank of England to delay raising interest rates

  

  Bank of England should hold off from raising interest rates next month, according to a forecasting body. Bank governor Mark Carney has said rates could go up in the “relatively near term”, with many analysts expecting a hike in November. However, the EY Item Club said such a move risked hurting the UK's “fragile economic outlook”.

• Friday, December 16th 2016 - 10:44 UTC

  Bank of England leaves rates unchanged: global outlook has become more fragile

  

  The Bank of England voted unanimously on Thursday to keep the UK's main interest rate at a record low of 0.25%, and anticipated that the next rate move could be in either direction. The last change was a rate cut in August, in the wake of the UK's vote to leave the EU.

• Thursday, June 16th 2016 - 23:36 UTC

  “Increasingly likely” Sterling would drop further in the event of a Leave vote, warns Bank of England

  

  The Bank of England has warned that uncertainty about the EU referendum is the “largest immediate risk” facing global financial markets. The bank said there were “risks of adverse spillovers to the global economy” from the 23 June vote and it was “increasingly likely” that sterling would fall further - perhaps sharply - in the event of a leave vote, the Bank added.

• Saturday, September 19th 2015 - 07:15 UTC

  UK economists debate on further interest rate cuts to combat low inflation

  

  The Bank of England may have to cut rates to combat low inflation, rather than raise them as its next move, its chief economist Andy Haldane has said. UK inflation may not pick up in the second half of the year, and there are risks of fallout from emerging economies, he said in a speech.

• Saturday, August 8th 2015 - 08:22 UTC

  Bank of England keeps rates unchanged; little talk of rise because of China and Greece

  

  UK interest rates have been held at 0.5% again by the Bank of England's Monetary Policy Committee (MPC). Members voted 8-1 to keep rates on hold - the first time for months the decision has not been unanimous, with Ian McCafferty voting for an increase.

• Monday, February 9th 2015 - 12:46 UTC

  Bank of England unanimously leaves interest rates at 0.5% for the 71st month

  

  Bank of England has held interest rates at 0.5% for the 71st month in a row and kept its stimulus programme of quantitative easing (QE) unchanged. Most forecasters now think interest rates will not rise before next year.

• Saturday, August 23rd 2014 - 07:02 UTC

  Bank of England minutes show some members voted to raise interest rates

  

  Two members of the Bank of England's Monetary Policy Committee (MPC) voted to raise interest rates in August, the first time in three years that policymakers have done so. The minutes of the meeting on 6-7 August show Ian McCafferty and Martin Weale voted for a 0.25% rise to 0.75%. It means the nine-member MPC voted 7-2 to hold interest rates at their historic low of 0.5%.