The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to achieve the 2% inflation target and to support growth and employment. At its meeting ending on 8 May 2024, the MPC voted 7-2 to keep the Bank Rate at 5.25%. Two members favored lowering the Bank Rate by 0.25 percentage point to 5%.

The Committee’s updated forecasts for economic activity and inflation will be included in the May Monetary Policy Report, and market expectations are for the Bank Rate to fall from 5¼% to 3¾% by the end of the forecast period, down from the 3¼% end-point in February.