Bank of England Holds Rate at 3.75% for Fifth Straight Meeting

The Bank of England's Monetary Policy Committee voted 6–3 on 29 July 2026 to hold Bank Rate at 3.75%, the fifth consecutive hold, with three members — Chief Economist Huw Pill, Megan Greene and Catherine Mann — dissenting in favour of an immediate quarter-point rise to 4%. Governor Andrew Bailey said CPI inflation had fallen faster than expected to 2.6% in the 12 months to June 2026 (down from 2.8% in May), the 21st consecutive month above the 2% target, but warned that energy prices remained elevated and volatile because of renewed US-Iran fighting in the Middle East. The vote was more hawkish than June's, with a third member joining the case for an immediate hike. The next decision is scheduled for 17 September 2026.