Finance
TEXT-Bank of England's Monetary Policy Summary
Published by Global Banking & Finance Review®
Posted on December 19, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 19, 2024
1 min readLast updated: January 27, 2026
The Bank of England's MPC maintained the Bank Rate at 4.75% in December 2024, with inflation rising to 2.6% due to core goods and food prices.
12 noon BANK OF ENGLAND MONETARY POLICY SUMMARY, DECEMBER 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
MPC adopts a medium-term and forward-looking approach to determine the monetary
stance required to achieve the inflation target sustainably.
At its meeting ending on 18 December 2024, the MPC voted by a majority of 6-3
to maintain Bank Rate at 4.75%. Three members preferred to reduce Bank Rate by
0.25 percentage points, to 4.5%.
Since the MPC's previous meeting, twelve-month CPI inflation has increased to
2.6% in November from 1.7% in September. This was slightly higher than previous
expectations, owing in large part to stronger inflation in core goods and food.
Services consumer price inflation has remained elevated. Headline CPI inflation
The article discusses the Bank of England's monetary policy decisions in December 2024, focusing on interest rates and inflation.
The MPC decided to maintain the Bank Rate at 4.75%, with a vote of 6-3.
Inflation increased due to stronger prices in core goods and food, reaching 2.6% in November.
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