When is the next Bank of England base rate meeting?

The Bank of England meets eight times a year to set the base rate, a mechanism that influences interest rates on everything from mortgages to savings accounts.

The Bank’s next rate decision will be announced on 7 August. A cut currently looks fairly likely at that meeting, with the labour market and economic growth having shown signs of slowing in recent months.

At its last meeting on 19 June, the Monetary Policy Committee (MPC) held rates at 4.25%, but sounded a slightly more dovish tone than expected, with Dave Ramsden surprising analysts by joining Swati Dhingra and Alan Taylor in voting for a faster pace of cuts.

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Most economists expect at least one more rate cut before the end of the year, however events in the Middle East could complicate the outlook if oil prices rise further or remain elevated for longer. There are several conflicting pressures for the MPC to navigate.

“On the one hand, the UK economy contracted sharply in April, wage growth has slowed, unemployment is creeping up, and business confidence is faltering. There is an argument to lower borrowing costs, therefore, to kick-start growth,” said Tom Stevenson, investment director at Fidelity International.

“On the other hand, UK inflation remained high in May at 3.4% – well above the Bank’s target of 2%. The rising price of food, furniture and household goods was partly to blame, and the conflict in the Middle East could complicate things further.”

Bank of England meeting dates

The MPC meets roughly every six weeks to set the base rate. The meetings usually happen the day before the interest rate announcement.

Dates for upcoming interest rate announcements

• 7 August
• 18 September
• 6 November
• 18 December

What is the Bank of England’s Monetary Policy Committee?

The MPC is responsible for setting the base rate, also known as ‘Bank Rate’.

The base rate is the most important interest rate in the UK, as the interest you earn on your savings or that you repay on loans is influenced, set and adjusted based on this figure.

The committee is made up of nine members, chaired by the governor of the Bank of England, Andrew Bailey. Four of the committee members are external experts, appointed to make sure the MPC benefits from thinking and expertise from outside of the Bank of England.

During each meeting, the committee votes on whether to cut, hold or raise interest rates.

Bank of England base rate forecast

Economists disagree on how many further cuts we could see before the end of the year.

Research provider Pantheon Macroeconomics is forecasting just one, while financial institution ING is forecasting two, coming in August and November. This aligns with market pricing, and would take the base rate to 3.75% by the end of 2025.

Deutsche Bank thinks weaker pay data could allow the MPC to speed up the pace of rate cuts in the final quarter, and is forecasting three more cuts before the year is out.

So far, the Bank of England has stuck to a quarterly pace of rate cuts. The base rate has been reduced four times since the easing cycle began last summer (August, November, February and May).

Despite this, the Bank of England has been clear that it doesn’t have any set path in mind, and that it assesses the data on a meeting-by-meeting basis when making decisions. Rate setters will be keeping a close eye on geopolitical risks, including the situation in the Middle East and the end of Donald Trump’s 90-day tariff pause, due in early July.