Bank of England Monetary Policy Vote Hike is part of the meeting minutes published alongside the interest rate decision.
Monetary Policy Committee meets eight times a year to determine the national monetary policy and to set the interest rate. 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 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.
The number of votes for the BoE's interest rate hike shows how many of the Committee members consider current inflation rate sufficient or excessive and suggest monetary policy tightening measures. The indicator on its own does not cause the pound sterling's volatility. However, if a near-term change in the interest rate is expected, the increase in the number of relevant votes may change quotes for a short time.
The chart of the entire available history of the "Bank of England (BoE) Monetary Policy Committee (MPC) Vote Hike" macroeconomic indicator.
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