How do banks decide on their interest rate?

nilrem_2

Andy_L wrote: »

Oppps - please ignore me

Reason: Complete muppetdom

LOL Andy, I didn't see what you posted but you reason has made me smile! :rotfl:

derrick

RobLondon1984 wrote: »

Do banks decide on their interest rate after the Bank of England set the interest rate?

What day and time is this?

Is it at the beginning of every month or a certain period?

Where can I found out when the Bank of England set the interest rate?

I always wondered about this as I heard it was the 1st Wednesday/Thursday of each month, but if the 1st fell on a Wednesday the meeting/ rate was set the following Wednesday/Thursday, i.e. the 8/9th, and that is how it appeared to happen, the following is a quote from HERE, however it goes against what happened this month as the 1st August was a Wednesday and they had the meeting then?

The Monetary Policy Committee
The Bank seeks to meet the inflation target by setting an interest rate. The level of interest rates is decided by a special committee – the Monetary Policy Committee. The MPC consists of nine members – five from the Bank of England and four external members appointed by the Chancellor. It is chaired by the Governor of the Bank of England. The MPC meets monthly for a two-day meeting, usually on the Wednesday and Thursday after the first Monday of each month. Decisions are made by a vote of the Committee on a one-person one-vote basis.

ManAtHome

Maybe they meet early in August to give themselves plenty of time to get to the Grouse moors..?

Andy_L

nilrem wrote: »

LOL Andy, I didn't see what you posted but you reason has made me smile! :rotfl:

I thought Swan was reporting the BoE link as spam, not noticing that the post in between had been removed by the mods

Swan_2

Andy_L wrote: »

I thought Swan was reporting the BoE link as spam, not noticing that the post in between had been removed by the mods

sorry about that, I've amended my original post

whoever OtherBritney is/was was having a spree the other night & it was getting tiresome typing out the name in full, should've just copied & pasted it

anyway, apologies

MarkyMarkD

Swan

You could simply delete your post, rather than amending it, as the post to which it refers is no longer there.

But equally well, the moderators should have removed your post at the same time as the offending one.