The Bank of England kept Bank Rate at 3.75% for a sixth consecutive meeting, with a 6–3 split as Megan Greene, Catherine L Mann and Huw Pill again favoured a 25bps rise. The Bank said there has been little evidence of material second-round effects in price and wage-setting, while easing wage growth and services inflation gave policymakers scope to hold. Governor Andrew Bailey nonetheless cautioned that if the Middle East conflict persists and second-round risks increase, policy may yet need to tighten.
The BoE also set out a slower, predictable multiyear quantitative tightening path: gilt holdings are set to fall by an average of £46bn a year through 2034, including £20bn of annual sales. That compares with an £87.5bn average reduction and £32bn of sales over the past four years. The swaps curve implies about 100bps of tightening over the next 12 months to 4.75%, while Bank Rate at 3.75% sits near the top of the BoE’s estimated 2% to 4% neutral range and fiscal policy is expected to become more restrictive.
Current Bank Of England Bank Rate
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UK Economic Statistics For September 2026
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