Bank of England holds rate at 3.75 percent as three of nine members vote for a hike

The Bank of England said on Thursday, 30 July 2026, that its Monetary Policy Committee voted by a majority of 6 to 3 at its meeting ending on 29 July to maintain Bank Rate at 3.75 percent. Three members voted to raise the rate by 0.25 percentage points to 4 percent. At the previous meeting two members had voted for an increase, and no member voted for a cut at this meeting.

The monetary policy summary said that crude and refined energy prices have remained volatile and higher than before the regional conflict in West Asia began, and that the impact of the energy shock on the UK economy remains uncertain. The Bank stressed that monetary policy cannot influence energy prices but is being set so that the economic adjustment is consistent with the 2 percent inflation target.

According to the report, UK consumer price inflation has fallen to 2.6 percent since the previous meeting, but is expected to rise later this year as higher energy prices continue to pass through. The Committee judged that risks to the inflation outlook are tilted to the upside. The next meeting decision is due on 17 September 2026.