The Bank Rate was reduced to 4.75 percent from 5 percent at the Monetary Policy Committee (MPC) meeting held on August 29, 2019. Inflation increased from 2.8 percent in June 2019 to 2.9 percent in July, and was below but closer to the lower bound of the Bank’s objective range of 3 – 6 percent. Nonetheless, inflation is forecast to revert within the Bank’s objective range in the first quarter of 2020.

Read Monetary Policy Committee decision statement