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 next rate decision will be announced on 5 February. The Bank of England has been gradually cutting interest rates since the summer of 2024, and many analysts expect them to continue cutting in 2026, albeit at a slower pace.

In the Monetary Policy Committee’s (MPC) most recent meeting on 18 December, the committee voted to cut interest rates by 25 basis points to 3.75%.

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Five members voted to cut interest rates and four members voted to hold by 25 basis points.

Andrew Bailey, governor of the Bank of England, held the deciding vote, choosing to cut rates as he said “disinflation is now more established” in the economy.

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.

The Bank of England has confirmed when the MPC’s interest rate decisions will be announced in 2026:

• 5 February
• 19 March
• 30 April
• 18 June
• 30 July
• 17 September
• 5 November
• 17 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 governor 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

Inflation came in better than expected in November, which helped the MPC justify a 25 basis point reduction to the base rate. MPC members who voted for a cut said disinflation was becoming more established.

They added that inflation is now expected to be lower in the near-term, thanks in part to measures announced in the Autumn Budget. While the central bank already expected inflation to slow during 2026, they now believe it will fall faster in the short-term.

This may mean that more interest rate cuts could be on the horizon in the new year – though the Bank of England does tend to emphasise that monetary policy is not on a set path.

This being said, some economists are expecting more rate cuts in 2026. The Deutsche Bank house view is that the central bank will cut rates twice next year, a prediction that is reflected in the market.

Ed Monk, pensions and investment specialist at Fidelity International, said: “There’s reason to hope that more cuts will arrive in 2026. The Bank today acknowledged that the risk of persistent inflation has reduced in recent months and decisions on further cuts are now more finely balanced.

“Markets are pricing in one further quarter-point cut in the first half of 2026 but the picture beyond that is less certain. However, the chances of a second cut next year are increasing,” he added.

One other thing to pay attention to in 2026 is whether significant division within the MPC over interest rate decisions will continue to appear. The committee voted 5-4 to cut rates in December, and voted 5-4 to hold rates in both November and August.

This is a contrast to some previous MPC votes, like their September decision to hold rates, which the MPC voted 7-2 in favour of. Another example is their decision to cut rates in January – every member of the MPC thought rates should be cut, though there was disagreement over how deep the cut should be.

The split indicates that there is an increasing amount of disagreement between the MPC’s doves and hawks over whether economic indicators justify an interest rate cut – something that will be worth keeping track of in the new year.