When is the next Bank of England MPC meeting?

The Bank of England meets several times a year to set the base rate. In the last two years, the Bank has been hiking interest rates in a bid to combat inflation. 

Inflation is showing signs of coming under control, though it is still above the government's 2% target. Inflation is currently 4%, down from a peak of 11.1% in October 2022. 

As inflation slows, there is an expectation that the MPC will cut the base rate this year, especially following Jeremy Hunt’s Spring Budget on 6 March, where he displayed optimism over a further inflation slowdown.

Forecasts from the Office for Budget Responsibility (OBR), which accompanied Hunt’s Budget, revealed that inflation is expected to fall to an average of 2.2% this year.  

Whether you’re a homeowner, someone paying off debts, or simply someone with some money tucked away in a savings account, the next Bank of England interest rate decision will affect you. 

We look at when the Bank of England's Monetary Policy Committee will meet again and what to expect with interest rates in 2024. 

Monetary Policy Committee meeting dates 

The Bank of England’s Monetary Policy Committee meets eight times a year to set the base rate. This takes place roughly every six weeks. 

The first meeting of the year took place on 1 February 2024. The remaining seven meetings will take place on the following dates:

• 21 March 
• 9 May 
• 20 June 
• 1 August 
• 19 September 
• 7 November
• 19 December

What is the Bank of England’s Monetary Policy Committee? 

The Bank of England’s Monetary Policy Committee is responsible for setting the base rate, also known as “Bank Rate”. 

The base rate is the most important interest rate in the UK, as the interest that you earn on your savings or that you repay on your loans is influenced, set and adjusted based on this figure. 

The committee is made up of nine members, chaired by Governor of the Bank of England Andrew Bailey. 

Four of the committee members are external experts, “appointed to make sure that the MPC benefits from thinking and expertise from outside of the Bank of England”, the Bank explains.

During each meeting, the committee votes on the rate-setting decision.

Bank of England base rate forecast 

All eyes will be on the Bank of England when it makes its next interest rate decision on 21 March. By then, we’ll have the latest inflation figures, which are due to be released the day before.

There are now signs that the economic health of the UK is deteriorating under today's high interest rate regime – but it seems unlikely that it will be enough to persuade the Bank to act just yet. 

The Office for National Statistics released its latest wage data on 12 March, revealing that pay growth slowed again in the three months to January. 

What’s more, the UK dipped into recession in the final three months of 2023, although data released today (13 March) revealed that economic growth in January was positive at 0.2%. 

Many experts are currently predicting that June is the most likely month for a first interest rate cut, but this could change if the economic data doesn’t play ball. 

The Bank of England won’t want to make a decision that it ends up having to unwind further down the line, if the economy starts heating up again.