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    • FrankRizzo
    • By FrankRizzo 9th Aug 18, 3:31 PM
    • 96Posts
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    FrankRizzo
    Bank of England Intrest Rates - How often are these reviewed?
    • #1
    • 9th Aug 18, 3:31 PM
    Bank of England Intrest Rates - How often are these reviewed? 9th Aug 18 at 3:31 PM
    Hello

    On the back of the recent decision I was wondering if anyone can tell me how often does the Bank of England’s review the interest rates and is there a certain day of the year or month they issue the decision?

    Thanks
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    • Captain_Kirk427
    • By Captain_Kirk427 9th Aug 18, 4:02 PM
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    Captain_Kirk427
    • #2
    • 9th Aug 18, 4:02 PM
    • #2
    • 9th Aug 18, 4:02 PM
    When does the Monetary Policy Committee meet?
    The Monetary Policy Committee (MPC) currently meets eight times a year to set the interest rate. These changes follow the recommendations of the Warsh Review, and are set out in the Bank of England and Financial Services Act 2016.

    Ahead of each meeting, the MPC receives extensive briefing on the economy from Bank of England staff. This includes a half-day meeting – known as the pre-MPC meeting – that usually takes place the week before the MPC's interest rate setting meeting.

    The MPC meets over three days. At the first meeting, normally held on the Thursday before the MPC decision is published, members discuss their views on how to interpret the most recent economic data. At the MPC’s second meeting – the first of two policy meetings, normally held the following Monday – MPC members debate what the appropriate policy stance should be.

    The MPC’s final meeting – its second policy meeting – is normally held on the Wednesday. Following further discussion on the appropriate stance for monetary policy, the Governor puts to the meeting the policy that he believes will command a majority and members of the MPC vote. Any member in a minority is asked to say what level of interest rates they would have preferred. If there is an even split between the MPC members present, the Governor has the casting vote. The interest rate decision is published alongside the minutes of the MPC’s meetings at 12 noon on the Thursday.

    From bankofengland.co.uk FAQ's
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