Bank of England MPC members to discuss interest rates with MPs
The Governor of the Bank of England and other members of the Monetary Policy Committee (MPC) will appear in front of the Treasury Committee next Tuesday morning.
Meeting details
As well as Andrew Bailey, the Deputy Governor for Financial Stability, Sarah Breeden, and two external members, Dr Catherine L Mann and Dr Swati Dhingra, will give evidence to the Treasury Committee.
The session will focus on the Bank’s May Monetary Policy Report and the decision to reduce the Bank Rate by 0.25 percentage points to 4.25%.
Members of the Committee are likely to ask witnesses for their perspective on the current economic context, including the increase in inflation in April and the impact of US tariff policy.
During the most recent MPC vote, Dr Swati Dhingra voted to reduce the Bank Rate by 0.5 percentage points while Dr Catherine L Mann voted for no cut. Andrew Bailey and Sarah Breeden both voted alongside the majority, for a reduction of 0.25 percentage points. Given the fact all three different decisions will be represented on the panel, MPs may choose to probe witnesses on their individual voting decisions.
Since August 2024, the MPC has voted to cut the Bank Rate four times to its current level of 4.25%.