The Bank of England's Monetary Policy Committee voted 8-1 to hold the Bank Rate at 5.25% on 21 March 2024. The vote followed a three-way split at the February meeting, when the committee was simultaneously divided between members favouring a hold, two pushing for a further hike and one calling for an immediate cut.
Two committee members who had previously dissented in favour of raising rates changed their votes to hold. The sole remaining dissenter voted to cut the Bank Rate.
GUIDANCE ON FUTURE DECISIONS
Governor Andrew Bailey and his colleagues on the committee have consistently emphasised that any future rate decisions would be guided by incoming data, with services inflation and wage growth in particular identified as the key indicators to monitor in the months ahead before any reduction in the Bank Rate could be contemplated.
The Bank of England's next scheduled Monetary Policy Committee meeting is in May 2024.