BoE rate decision: how the Bank of England moves the pound

The BoE rate decision is the moment the Bank of England's Monetary Policy Committee sets Bank Rate, the rate the Bank pays on the money that banks and building societies hold with it. It is the biggest scheduled event for the British pound. The decision, the vote of each of the nine members and the minutes of the meeting come out together, so the pound reacts to all of it at once.

Start free trial This week's calendar

By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

BoE rate decision in short

Next release: Thursday, 5 November 2026At the usual time, see below. The exact moment appears here in the week itself.
Published by: Bank of England
When: Eight times a year, usually on a Thursday, at 12:00 noon London time. That is 13:00 in Amsterdam all year round, because the UK and the Netherlands change their clocks on the same days.
Currency: British pound (GBP)
Impact: High: one of the releases that can move the currency on its own
What is decided: Bank Rate, the core interest rate in the UK
Who decides: The Monetary Policy Committee: the Governor, three Deputy Governors, the Chief Economist and four external members
Target: 2% CPI inflation over the medium term, a target set by the Government
Comes with: The Monetary Policy Summary and the minutes, and four times a year the Monetary Policy Report

What the BoE rate decision contains

The Bank publishes the decision at noon as the Monetary Policy Summary, with the minutes of the meeting in the same release. There is no separate day for the minutes: the discussion behind the decision is out the moment the rate is.

The release shows how each of the nine members voted, by name. When the Committee splits, it also shows what the members in the minority wanted instead, so the vote says both how many wanted a change and in which direction.

Four times a year the decision comes with the Monetary Policy Report, the Bank's economic analysis and inflation projections. On those days the Governor also gives a press conference.

Why the BoE moves the British pound

When the Bank raises Bank Rate, banks usually raise what they charge on loans and what they pay on savings. A higher path for Bank Rate lifts UK yields, and that tends to draw money into the pound.

Most decisions are priced well before noon. What moves the pound is the part that was not: a vote that splits differently than expected, a change in the words about the next steps, or new projections in the Monetary Policy Report.

Each member has one vote and the majority decides. Because members can and do vote in different directions at the same meeting, the vote count is a signal of its own, even when the rate stays where it was.

How to read a BoE rate decision

Start with what was priced the day before. Then look at the vote: a hold where more members than expected voted for a cut points to lower rates ahead, even though nothing changed today.

Then read the guidance in the Monetary Policy Summary, the lines on what the Committee expects to do next. A small change in that wording can matter more than the decision itself.

UK data in the days before often decide what is priced going in. CPI and the labour market report carry the most weight, because they speak most directly to the inflation target.

What the British pound did on the last release days

Measured on our own prices: the British pound against the basket of the eight majors, from the London opening before the release to the one after it, so the release sits inside the window. Anything else that came out between those two openings is in it too, so a day with more news says less about this release alone.

Release	Amsterdam	Measured	GBP vs basket
17 Sept 2026	13:00	17 Sept to 18 Sept	+0.02%

For scale: on an ordinary day the British pound moves 0.14% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about the BoE rate decision

What time is the BoE rate decision?

At 12:00 noon London time, usually on a Thursday. That is 13:00 in Amsterdam all year round, because the UK and the Netherlands change their clocks on the same days. The vote and the minutes come out at the same moment.

How often does the Bank of England meet?

The Monetary Policy Committee decides eight times a year, roughly every six weeks. The final vote is usually held on the Wednesday, the day before the announcement. Four of the eight decisions come with the Monetary Policy Report.

Who votes on UK interest rates?

The nine members of the Monetary Policy Committee: the Governor, the three Deputy Governors, the Chief Economist and four external members appointed by the Chancellor. Each member has one vote and the majority decides. In a tie, the Governor casts the deciding vote.

What is the Bank of England's inflation target?

Inflation of 2% on the consumer prices index, over the medium term. The Government sets the target, and the Bank sets Bank Rate to reach it.

Why did the pound fall when the BoE held rates?

Usually because the vote or the wording pointed to lower rates ahead than the market expected. A hold where more members than forecast voted for a cut brings the next cut closer, and that weighs on the pound.