UK interest rates: Will the Bank of England increase the base rate?

When does the MPC meet to decide UK interest rates?

The Monetary Policy Committee meets today, Wednesday 29 April, but the decision made by the committee’s nine members won’t be released until tomorrow at midday.

The announcement comes alongside a report detailing how each member voted and why they decided to lower, raise or hold rates.

Keep with us as we’ll announce the committee’s decision as soon as it’s confirmed at 12pm.

What is the current bank rate?

The Monetary Policy Committee, which is responsible for setting the base rate, decided to hold interest rates at 3.75% when it last met in March.

In a rare decision, the committee voted unanimously to hold interest rates, citing the increase in global energy and commodity prices caused by the conflict in the Middle East.

It said it would continue to monitor the situation in the Middle East “closely” and its impact on wholesale energy costs.

Good afternoon and welcome to our live coverage ahead of the Bank of England’s Monetary Policy Committee announcing its latest base rate decision tomorrow (30 April).

Stay with us as we bring you all the latest news, analysis and reaction.