The Bank of England and its nine-member Monetary Policy Committee

Background

The Bank of England is the central bank of the United Kingdom, promoting the good of the people by maintaining monetary policy and financial stability. It was founded in 1694 to act as banker to the Government.
The pound sterling is the official currency in the United Kingdom; the Bank issues the UK's banknotes while coins are manufactured and issued by the Royal Mint.
The Bank's Monetary Policy Committee (MPC) is responsible for maintaining monetary stability by keeping inflation low and stable.
The MPC is made up of nine members: the Governor, the three Deputy Governors for Monetary Policy, Financial Stability and Markets and Banking, the Bank's Chief Economist, and four external members appointed directly by the Chancellor.
External members are appointed so that the MPC benefits from expertise from outside the Bank. A representative from HM Treasury also sits with the MPC at its meetings and can discuss policy issues, but is not allowed to vote.
The MPC sets and announces policy eight times a year, roughly once every six weeks, deciding what level of Bank Rate is needed to return inflation to — or keep it at — the 2% target over time.
On its latest-decision page in October 2026 the Bank gave the current Bank Rate as 3.75% and inflation as 3.1%, against the 2% target; the rate had been maintained at 3.75% at the September 2026 meeting.
The Bank also provides wholesale banking services to the UK Government and over 100 overseas central banks.