The next MPC (Monetary Policy Committee) meeting will be on Thursday, May 8, 2025.
The Monetary Policy Committee (MPC) of the Bank of England (BoE) meets eight scheduled times a year to discuss and set monetary policy, primarily focusing on interest rates and other tools to control inflation and support economic stability.
What is the MPC?
The Monetary Policy Committee (MPC) is a key decision-making body within the Bank of England responsible for setting monetary policy to achieve price stability and economic growth in the UK.
What is the role of the Monetary Policy Committee?
The MPC's primary objective is to control inflation, keeping it close to the government's 2% target. To achieve this, the committee adjusts interest rates and employs other policy tools such as quantitative easing (QE) and quantitative tightening (QT). These tools influence liquidity and financial conditions in the economy, helping the BoE respond effectively to different economic scenarios.
What date is the next Bank of England MPC meeting?
The Bank of England's next MPC meeting will take place on Thursday, March 20th.
See below for the all the BoE's scheduled MPC meetings in 2025:
- Thursday, 6 February 2025
- Thursday, 20 March 2025
- Thursday, 8 May 2025
- Thursday, 19 June 2025
- Thursday, 7 August 2025
- Thursday, 18 September 2025
- Thursday, 6 November 2025
- Thursday, 18 December 2025
Each meeting concludes with a 12:00 UTC announcement, publishing meeting minutes, a Monetary Policy summary, and any decisions regarding interest rates. These dates are confirmed by the Bank of England.
How often do the Monetary Policy Committee meet?
The Monetary Policy Committee meets eight times a year, approximately every six weeks.
Each meeting follows a set schedule, during which the committee reviews economic data, discusses monetary policy, and votes on interest rates and other financial measures. The decisions are then announced at 12:00 UTC on the final day of the meeting, along with meeting minutes and economic projections. Additionally, the Monetary Policy Report is published quarterly, providing a comprehensive analysis of economic conditions and the outlook for inflation
Who is on the Monetary Policy Committee?
The Monetary Policy Committee is comprised of nine members, each with expertise in the field of economics and monetary policy. As of February 2025, the MPC consists of:
- Governor:
- Andrew Bailey
- Deputy Governors:
- Sarah Breeden – Deputy Governor for Financial Stability
- Clare Lombardelli – Deputy Governor for Monetary Policy
- Sir Dave Ramsden – Deputy Governor for Markets and Banking
- Chief Economist:
- Huw Pill
- External Members:
- Dr. Swati Dhingra
- Megan Greene
- Dr. Catherine L. Mann
- Professor Alan Taylor
External members are appointed to ensure the MPC benefits from diverse perspectives and expertise from outside the Bank. A representative from HM Treasury also attends MPC meetings to provide insights into fiscal policy developments, though they do not have voting rights. For the most current information on MPC members, you can refer to the Bank of England's official website.
What is the Bank of England Base Rate?
The Bank of England's current Base Rate is 4.50%.
See more here: When is the next BoE interest rate decision?
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