MPC postpones bank rate decision after Queen's death

The Bank of England's Monetary Policy Committee has postponed its next meeting following the death of Queen Elizabeth II.

The Committee, which was due to announce the latest bank rate decision on 15th September, will now meet one week later. The Committee's decision will now be announced at 12pm on 22nd September.

At its last meeting on 3rd August 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.5 percentage points, to 1.75%.

The Committee published a statement today explaining its decision:

"In light of the period of national mourning now being observed in the United Kingdom, the September 2022 meeting of the Monetary Policy Committee has been postponed for a period of one week. The Committee’s decision will be announced at 12pm on 22 September."