Bank of England Base Rate Today
The Bank of England Bank Rate (often just 'the Bank Rate' or 'base rate') is the interest rate the BoE pays on reserve balances held by commercial banks at the BoE. It is set by the nine-member Monetary Policy Committee (MPC) at eight scheduled meetings per year.
Upcoming Policy Meetings 2026
| Meeting Date | Type |
|---|---|
| 5 Feb 2026 | MPC + MPR |
| 19 Mar 2026 | MPC |
| 7 May 2026 | MPC + MPR |
| 18 Jun 2026 | MPC |
| 6 Aug 2026 | MPC + MPR |
| 17 Sep 2026 | MPC |
| 5 Nov 2026 | MPC + MPR |
| 17 Dec 2026 | MPC |
Markets price in rate decisions weeks ahead via overnight index swaps (OIS). Watch the next MPC meeting for the next move.
Recent Rate History
| Date | Rate | Move |
|---|---|---|
| Dec 2025 | 4.50% | −25 bps |
| Sep 2025 | 4.75% | −25 bps |
| Aug 2025 | 5.00% | −25 bps |
| Feb 2025 | 5.25% | hold |
| Aug 2023 | 5.25% | peak |
What the Bank Rate affects: Tracker mortgages (which reset directly), SONIA (Sterling Overnight Index Average — the GBP swap-market benchmark), UK gilt yields, and the pound's value against the dollar and euro. A 25bp cut translates to about £30/month off a £200,000 tracker mortgage.
MPC voting: Each member votes individually; the minutes (published with the decision) show how each voted. 5–4 and 6–3 splits often signal that the next move could come sooner.
The MPR: Four times a year (Feb, May, Aug, Nov), the Bank publishes its Monetary Policy Report (MPR) alongside the decision. The MPR contains the BoE's growth and inflation forecasts and a press conference by the Governor.
FAQ
What is the current UK Bank Rate?
See the headline figure at the top of this page. The MPC publishes any change at noon UK time on the meeting date.
How often does the MPC meet?
Eight times per year, roughly every six weeks. Schedule is published 12+ months ahead.
Does the Bank Rate affect my mortgage?
Yes if you have a tracker mortgage (resets within days). Fixed-rate mortgages don't change during the fix period, but new fixes price off swap rates that follow Bank Rate expectations.
Note: Rate figures on this page are updated quarterly. For the absolute latest decision, consult the Bank of England's official site.