Bank of England rate to remain at 0.25%

08 August 2017

 

The Monetary Policy Committee (MPC) voted by a majority of six-two, to maintain Bank Rate at 0.25%. 

 

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 2 August 2017, the MPC voted by a majority of six-two to maintain Bank Rate at 0.25%.

 

CPI inflation rose to 2.6% in June from 2.3% in March, as expected.  The MPC expects inflation to rise further in coming months and to peak around 3% in October.

 

All members of the MPC agreed that any increases in Bank Rate would be expected to be at a gradual pace and to a limited extent.  The Committee will continue to monitor closely the incoming evidence, and stands ready to respond to changes in the economic outlook as they unfold to ensure a sustainable return of inflation to the 2% target. (Inflation remains at a level slightly above the 2% target).