Bank of England (BoE) Monetary Policy Committee (MPC) Meeting Minutes

United Kingdom
GBP, Pound sterling
Next Event Importance

Bank of England Monetary Policy Committee Meeting Minutes are published on the regulator's website along with the interest rate decision. Monetary Policy Committee meets eight times a year; each meeting lasts over three days. On the first day, the Committee members study the current economic disposition (both the internal agenda and the state of the world economy, the main events that affect the financial and economic conditions). On the second day, members discuss their view on the current national monetary policy. On the third day, members vote on the monetary policy measures and the interest rate.

The Committee interest rate decision is published the next day, at 12 noon. The BoE may cut interest rate to help inflation rise to a target level. Conversely, if inflation exceeds the target level, the BoE would try to make the pound sterling more expensive, for which (in addition to a complex of other measures) the interest rate is raised.

Therefore, each interest rate decision of the Bank of England directly affects the quotes of the pound sterling (especially when the rate is changed). A hike decision normally leads to the growth of the British pound quotes. The special value of the meetings is that they provide Committee members' voting details, in addition to the main theses. Therefore, even if the interest rate remains unchanged, a change in the distribution of votes can be treated as a serious signal for future changes.