BANK OF ENGLAND MONETARY POLICY SUMMARY, SEPTEMBER 2024 The Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment.

The Bank of England has held interest rates at 5 per cent after inflation remained steady in August, but indicated it may lower borrowing costs again as soon as November. The Monetary Policy Committee’s eight-to-one decision on Thursday came after it cut borrowing costs by a quarter point at its meeting last month.

The rate is expected to stay at 5%, after the last decision in August saw interest rates cut for the first time since the pandemic.

The BOE got ahead of the Federal Reserve by making its first cut since the Covid-19 pandemic at the beginning of August.