MPs on the Treasury Committee will question the Bank of England Governor and other members of the Monetary Policy Committee (MPC).
Meeting details
The session will focus on the Bank’s most recent Monetary Policy Report and the decision to reduce the Bank Rate by 0.25 percentage points to 4.5% in February.
MPs are likely to ask witnesses about the current economic picture and how it affects the Bank’s interest rate decisions, particularly in relation to the ONS figures which showed inflation rising to 3% in January.
As well as Andrew Bailey, MPs will hear from the Bank’s Chief Economist, Huw Pill. Megan Greene and Professor Alan Taylor are the external members who will give evidence in this session.
From December 2021 to August 2023, the MPC raised the Bank Rate at each meeting in response to rising inflation rates, reaching 5.25% - the fourteenth-consecutive increase. Since August 2024, the MPC has voted to cut the Bank Rate three times to its current level of 4.5%.