Monetary Policy Committee
Monetary Policy Committee
The Bank of England has a statutory responsibility for setting the UK's official interest rate, a decision which is made by the Bank's Monetary Policy Committee or MPC.
The MPC has to discuss what rate is required in order to meet specific inflation targets, set annually by the Chancellor of the Exchequer. Once a majority decision has been made, the Bank must implement the new interest rate, that is that the rate at which the Bank lends to other banks and other financial institutions, via its financial market operations.
The current base interest rate is 5.25%
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