On 29 April 2026 the Bank of England’s Monetary Policy Committee voted by a majority of eight to one to keep the Bank Rate at 3.75 %. One member, Huw Pill, urged an increase to 4 %. The committee’s discussion focused on the impact of the Middle East conflict on energy prices and the potential for second‑round inflationary effects. Inflation was reported at 3.3 % and the MPC noted that scenarios of higher energy costs could push rates higher in the future, but the current stance was considered appropriate given tightening financial conditions. The committee will continue to monitor the situation and is prepared to adjust rates if inflation expectations change.
© Governor and Company of the Bank of England.
Summary adapted from the Bank of England website (https://www.bankofengland.co.uk ).
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