When is the next Bank of England MPC meeting?

The Bank of England meets several times a year to set the base rate. In the last two years, the Bank has been hiking interest rates in a bid to combat rising prices. 

Inflation is now showing signs of coming under control, though it is still above the government's 2% target. In March, the Consumer Price Index (CPI) reading came in at 3.2%, down from a peak of 11.1% in October 2022. 

There is an expectation that the Bank of England will cut the base rate this year as inflation slows, however markets have recently adjusted to price in a "higher for longer" scenario. 

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Previously, experts had been hoping for a cut in May or June but this has now been pushed out to August or September. 

We look at when the Bank of England's Monetary Policy Committee will meet again and what to expect with interest rates in 2024. 

Monetary Policy Committee meeting dates 

The Bank of England’s Monetary Policy Committee meets eight times a year to set the base rate. This takes place roughly every six weeks. 

The first and second meetings of the year took place on 1 February and 21 March. The remaining six meetings will take place on the following dates: 

• 9 May 
• 20 June 
• 1 August 
• 19 September 
• 7 November
• 19 December

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

The Bank of England’s Monetary Policy Committee 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 that you earn on your savings or that you repay on your 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 that the MPC benefits from thinking and expertise from outside of the Bank of England”, the Bank explains.

During each meeting, the committee votes on the rate-setting decision.

Bank of England base rate forecast 

All eyes will be on the Bank of England when it makes its next interest rate decision on 9 May. However, it is now looking increasingly unlikely that rates will be cut until later in the year. 

The latest UK inflation data, covering the twelve months to the end of March, came in slightly higher than expected at 3.2%. The Bank of England and economists polled by Reuters had forecast a rate of 3.1%. 

What's more, UK wage growth data is still coming in fairly hot. Regular earnings (excluding bonuses) increased by 6% over the three months to February 2024, according to figures released on 16 April. The Bank of England will probably want to see this metric fall further before cutting rates.

Meanwhile, the economic growth figures for January and February were both positive, albeit modestly so. This could assuage fears that higher interest rates will push the UK economy into deep recession.

Events overseas could impact the Bank of England's thinking too. The US CPI figure released earlier this month increased to 3.5% for the twelve months to March, up from 3.2% in February. 

Likewise, heightened tensions in the middle east could disrupt supply chains and cause higher oil prices, if things escalate between Israel and Iran. This would also have an inflationary effect.

With this in mind, the Bank of England is likely to tread a cautious path ahead. It won’t want to make a decision that it ends up having to unwind further down the line, if the economy starts heating up again.