The Bank of England meets every six weeks (eight times a year) to set the base rate, which is the core interest rate for the UK.
The base rate (also called the bank rate) is the rate of interest that the Bank of England charges commercial banks, building societies, and other financial institutions that hold money with, or borrow from, the central bank.
Changes to the base rate therefore have a knock-on effect on mortgages, savings and loans to consumers.
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If the base rate is hiked, you may find your mortgage rate goes up or your savings account pays more interest. The opposite can happen if the bank cuts rates.
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The base rate is usually adjusted as a way to control inflation in the economy. The central bank typically increases rates when inflation is too high, and eases them when price growth returns closer to the bank’s 2% target.
Until the start of 2026, the Bank of England had been gradually cutting interest rates since the summer of 2024, bringing them down from a peak of 5.25% to 3.75% in December 2025.
They’ve since been held at that level as the UK contends with economic disruption from the Iran war.
In September’s Monetary Policy Committee (MPC) meeting, when members vote on where interest rates should go next, rates were held at 3.75% for the sixth consecutive time.
The nine members of the MPC voted by a majority of 6-3 to hold interest rates, with the dissenters voting to raise rates by 0.25 percentage points to 4%.
The next interest rates decision is due to be announced on 5 November.
Bank of England interest rate announcement dates
The MPC meets roughly every six weeks to set the base rate. The meetings usually happen the day before the interest rate announcement.
Here is the full list of dates when the MPC interest rate decision will be announced by the Bank of England in 2026:
What is the Bank of England’s Monetary Policy Committee?
The Bank of England’s Monetary Policy Committee is the body that is responsible for setting the bank rate.
The committee is made up of nine members and is currently chaired by BoE governor Andrew Bailey.
Five of the members are internal staff, while the remaining four are external experts appointed to make sure the MPC benefits from expertise outside the Bank of England.
During each meeting, the committee votes on whether to cut, hold or raise interest rates.
A representative from HM Treasury also sits with the MPC at its meetings, and can discuss policy issues, but is not allowed to vote. They are simply there to make sure the ratesetters are briefed on fiscal policy developments in government, and that the chancellor is kept fully informed about goings on at the bank.
