Stance over time
Each dot is one speech or statement by the BoE, scored from dovish to hawkish; the line is the trailing 30-day average. Hover a dot for the date and speaker.
Latest decision
The MPC voted to maintain Bank Rate at 3.75% and stands ready to act as necessary to ensure CPI inflation remains on track to meet the 2% target in the medium term.
- Rate
- Bank Rate
Decision history
| Date | Action | Rate | Vote |
|---|---|---|---|
| 17 Sep 2026 | Hold | 3.75% | - |
| 29 Jul 2026 | Hold | 3.75% | 6-3 |
BoE forecasts: real GDP growth
| Economy | 2026 | Revision | 2027 | Revision |
|---|---|---|---|---|
| United Kingdom | 0.4% | ▲ +0.3 | - | - |
BoE forecasts: inflation
| Economy | 2026 | Revision | 2027 | Revision |
|---|---|---|---|---|
| United Kingdom | 3.7% | unchanged | 4.2% | ▲ +0.2 |
Revision is the change from the bank’s previous edition, in percentage points.
Recent speeches and statements
- 13 Oct 2026 · MinutesBank of England
Money markets continued to function smoothly with ample liquidity; the Bank will continue work with industry on extending RTGS and CHAPS settlement hours.
money marketsliquiditypaymentsbalance sheetMinutes of the Money Market Committee meeting – September 2026 → - 9 Oct 2026 · NoticeKatharine Braddick
The Bank expects firms to take action based on the SIMEX26 cloud outage exercise to further strengthen their resilience to severe operational and cyber scenarios.
operational resiliencecyber riskfinancial stabilityCMORG holds sector-wide cloud outage simulation exercise → - 8 Oct 2026 · SpeechAndrew Bailey
Monetary policy requires an unwavering commitment to returning inflation to target; unconditional promises about future rates are inappropriate, but central banks should explain how policy would respond under different conditions.
financial stabilitysupply shockssovereign debtaimarket structureFinancial resilience in an age of repeated shocks - speech by Andrew Bailey → - 7 Oct 2026 · NoticeKatharine Braddick
The PRA proposes indexing 128 regulatory thresholds to nominal GDP, with the first update on 1 July 2031 and every five years thereafter; consultation closes 7 February 2027.
financial regulationregulatory thresholdsproportionalityRegulatory thresholds set to shift to automatic increases → - 1 Oct 2026 · SpeechSasha Mills
The Bank will publish a full tokenisation Roadmap later this year and intends to deliver a live synchronisation capability for settlement in central bank money in 2028.
digital assetstokenisationpaymentsmarket infrastructureNew horizons: the legal and commercial frontier of digital assets − speech by Sasha Mills → - 1 Oct 2026 · SpeechHawkish +1.5Catherine L. Mann
The current policy stance is not sufficiently tight; the MPC needs to follow through with Bank Rate rises and a sufficiently restrictive, clearly communicated path rather than rely on risk premia.
inflationfinancial conditionsterm premiumenergycommunicationFinancial conditions: what’s priced in? − speech by Catherine L. Mann → - 1 Oct 2026 · SpeechNathanaël Benjamin
Doing nothing is not an option on gilt repo resilience; the Bank intends to publish a comprehensive update including potential policy proposals in early 2027.
financial stabilityrepo marketshedge fundscentral clearingA unique vantage point − speech by Nathanaël Benjamin → - 30 Sep 2026 · MinutesBank of England
The FPC kept the UK countercyclical capital buffer at its neutral 2% setting and will proceed with leverage ratio reforms, consulting in early 2027.
financial stabilityartificial intelligencesovereign debtleverageprivate creditFinancial Policy Committee Record – September 2026 → - 29 Sep 2026 · SpeechDovish -0.5Alan Taylor
Policy can look through short-lived energy relative-price shocks but not persistent inflation; with a looser labour market, excess supply and restrictive monetary conditions, second-round effects from the current energy shock should be limited in magnitude.
inflation expectationsenergysecond-round effectslabour marketSearching for signposts − speech by Alan Taylor → - 28 Sep 2026 · SpeechHawkish +0.5Bank of England
The speaker voted to hold Bank Rate at 3.75%, saying risks to the inflation outlook have tilted to the upside. If upside inflation pressures continue to build, there could be a case for increasing Bank Rate.
quantitative tighteningbalance sheetgiltsinflationbank rateQuantitative tightening: the next chapter − speech by Dave Ramsden → - 28 Sep 2026 · SpeechHawkish +0.5Dave Ramsden
The MPC will unwind the APF gilt stock by end-2034 through £20bn of annual sales plus maturities. Ramsden sees inflation risks tilted to the upside; if upside pressures keep building, there could be a case for raising Bank Rate. He does not expect further QE any time soon.
quantitative tighteningbalance sheetgiltsinflationenergyQuantitative tightening - the next chapter → - 24 Sep 2026 · SpeechHawkish +1.2Clare Lombardelli
Policy is increasingly likely to need to tighten if elevated energy prices persist, absent clear evidence of disinflation or weaker activity.
inflationenergysecond-round effectswagesThe outlook for inflation − speech by Clare Lombardelli → - 22 Sep 2026 · ResearchSarah Breeden
The FPC will report its findings on how the financial system can better channel long-term capital to productive investment and high-growth firms in the 2026 Q4 Financial Stability Report.
financial stabilitybusiness financegrowthfintechFinance, growth and productive investment: what is the FPC assessing in 2026? → - 17 Sep 2026 · Rate decisionHawkish +0.5HoldAndrew Bailey
The MPC voted to maintain Bank Rate at 3.75% and stands ready to act as necessary to ensure CPI inflation remains on track to meet the 2% target in the medium term.
inflationenergymonetary policysecond-round effectsmiddle east conflictExchange of letters between the Governor and the Chancellor regarding CPI Inflation - September 2026 → - 17 Sep 2026 · NoticeBank of England
APF gilts maturing 2035-2049 will be unwound at £20bn a year, possibly via sales to the DMO; APF auctions pause until operational details are announced by April 2027.
quantitative tighteningbalance sheetgiltsAsset Purchase Facility: Gilt Sales – Market Notice 17 September 2026 → - 17 Sep 2026 · SpeechHawkish +0.8Andrew Bailey
The longer high energy prices persist, the more difficult policy decisions become; a rate cut would require an end to the Middle East conflict and energy prices returning to pre-conflict levels.
inflationenergyquantitative tighteningmortgage ratesTranscript of the Governor's pooled broadcast interview given on 17 September 2026 → - 17 Sep 2026 · ResearchBank of England
Banknotes will be backed primarily by gilts; £120 billion of the longest-dated APF gilts will be retained to back banknotes in the medium term, moving later to gilts held directly on Issue Department.
balance sheetbanknotesquantitative tighteningpaymentsThe promise to pay: what backs banknotes? → - 17 Sep 2026 · StatementAndrew Bailey
The MPC will fully unwind gilts held for monetary policy purposes by 2034 at an average £46bn a year via £20bn annual sales, with a high bar to amend the plan.
quantitative tighteningbalance sheetgiltsbanknotesExchange of letters between the Governor and the Chancellor regarding QT and the APF - September 2026 → - 16 Sep 2026 · MinutesHawkish +0.8HoldBank of England
The Committee stands ready to act as necessary to keep CPI inflation on track to meet the 2% target in the medium term. Risks to inflation are tilted further to the upside, and it is not appropriate to wait too long for evidence of second-round effects before responding.
inflationenergyquantitative tighteningsecond-round effectslabour marketBank rate maintained at 3.75% - September 2026 Monetary Policy Summary and Minutes → - 4 Sep 2026 · SpeechAndrew Bailey
Central bank independence means insulation from short-term political pressures within a democratic framework. The challenge is to strengthen its foundation through accountability, transparency, public engagement and a commitment to sound money.
central bank independencelegitimacyaccountabilityfinancial stabilitypopulismThe institutional form of independent central banks - from history to contemporary challenges → - 3 Sep 2026 · SpeechHawkish +1.5Huw Pill
Pill has voted to raise Bank Rate from 3.75% to 4% as a clear signal against upside inflation risks from the Gulf energy shock, arguing against a wait-and-see approach; this need not start a prolonged series of hikes.
inflationenergysecond-round effectscommunicationbank rateHomophones – Remarks by Huw Pill → - 29 Jul 2026 · Rate decisionHawkish +0.5HoldBank of England
The MPC held Bank Rate at 3.75% by 6-3, with three members voting to hike to 4%. It judges inflation risks tilted to the upside and stands ready to act as necessary to keep CPI on track for the 2% target in the medium term.
inflationenergymonetary policylabour marketfinancial conditionsMonetary Policy Report - July 2026 → - 29 Jul 2026 · Rate decisionHawkish +0.5HoldBank of England
The Committee stands ready to act as necessary to ensure CPI inflation remains on track to meet the 2% target in the medium term. Risks to inflation are tilted to the upside, and additional restraint may be needed if material second-round effects emerge.
inflationenergy pricessecond-round effectsfinancial conditionslabour marketBank Rate maintained at 3.75% - July 2026 Monetary Policy Summary and Minutes → - 23 Jul 2026 · SpeechAndrew Bailey
The Bank is working with the AI Security Institute, NCSC and international partners to strengthen cyber resilience and calls for stronger international coordination on testing frontier AI models before wider deployment.
cyber riskaifinancial stabilityLetter from the Governor to the Daily Mail →
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How this page is made
We collect what central banks and multilateral institutions publish: rate decisions, meeting minutes, officials’ speeches and staff projections. AI reads each document and records who is speaking, whether they vote on policy, the forward guidance, any decision taken and any forecasts.
Stance is scored from strongly dovish (−2) to strongly hawkish (+2): above +0.2 reads as hawkish, below −0.2 as dovish, in between as neutral. It is an interpretation of the wording, not an official classification. Figures are as stated in the source document; always check the original, linked from every entry.