Bank of England (BoE) Monetary Policy Committee (MPC) Vote Unchanged

Bank of England Monetary Policy Vote Unchanged 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. When the situation is stable and does not require intervention, the interest rate is kept at the same level.

The number of votes for not changing the BoE's interest rate shows how many of the Committee members consider current conditions stable, inflation growth or decrease rates close to target levels, and suggest to keep the monetary policy unchanged. The indicator on its own does not cause the pound sterling's volatility.