Bank of England MPC Rate Decision February 2027

The Bank of England’s Monetary Policy Committee (MPC) announces its next Bank Rate decision on Thursday, February 4, 2027 at 12:00 pm London time (7:00 am ET). The MPC is the nine-member committee that sets the United Kingdom’s main interest rate, known as Bank Rate, and its decision is published alongside the minutes of the meeting and, because February is a quarterly forecast month, a new Monetary Policy Report. Full schedule and background on every 2026 and 2027 meeting: Bank of England MPC Rate Decision.

What is the MPC and what does it decide?

The Monetary Policy Committee is the Bank of England’s rate-setting body, created under the Bank of England Act 1998. Its remit is to keep consumer price inflation at the government’s 2% target, while also supporting growth and employment where this does not conflict with price stability. The MPC does this chiefly by setting Bank Rate, the interest rate the Bank pays to commercial banks on reserves, which feeds through to mortgage rates, savings rates and business borrowing costs across the UK economy.

The committee has nine members: the Governor, currently Andrew Bailey, two Deputy Governors with responsibility for monetary policy, the Bank’s Chief Economist, and four external members appointed by the Chancellor from outside the Bank. Each member has one vote and decisions are frequently split, with recent meetings decided by majorities such as 5-4, 7-2 or 6-3 rather than unanimous agreement.

The MPC meets eight times a year, roughly every six weeks. Four of those meetings, including February, coincide with a new Monetary Policy Report, which sets out the Bank’s updated forecasts for inflation, growth and Bank Rate itself over the following three years.

When is the February 2027 Bank of England decision announced?

The MPC’s deliberations conclude on Wednesday, February 3, 2027, with the decision, the Monetary Policy Summary and the meeting minutes all published together at 12:00 pm London time (7:00 am ET) on Thursday, February 4, 2027. Because this is a quarterly forecast round, the Bank also releases its latest Monetary Policy Report at the same time, containing updated inflation and growth projections and the fan charts the Bank uses instead of the US Federal Reserve’s dot plot. Governor Bailey typically holds a press conference shortly after the announcement, around 12:30 pm London time, to answer questions from journalists on the reasoning behind the vote and the outlook for further moves. Unlike the Federal Reserve, the Bank of England does not publish separate minutes weeks later: the vote breakdown and the rationale of each member are released on decision day itself.

What to expect

At the time of writing, Bank Rate stood at 3.75%, where it had been held since the quarter-point cut agreed at the meeting ending December 17, 2025. The MPC held rates through the first three quarters of 2026, including a 7-2 vote in June and a 6-3 vote in September, as members weighed persistent inflation against a softening labour market. A consensus forecast for the February 2027 meeting has not yet been published this far ahead of the decision; readers should check a live source such as Reuters polls of economists or overnight index swap pricing closer to the date for the latest market-implied odds of a hold, cut or hike.

For the decisions that followed, including the November 5, 2026 and December 17, 2026 meetings immediately before this one, see the December 2026 Bank of England MPC decision page for the confirmed outcome and vote split.

Market impact scenarios

What will the statement and press conference signal?

Analysts watching the February 2027 decision will focus on three things: the size and shape of any dissent on the vote, since the MPC has split 5-4, 7-2, 6-3 and 8-1 at various points through the 2025 to 2026 easing cycle; the Bank’s updated inflation and growth projections in the Monetary Policy Report, which shape expectations for the rest of the year; and any change in forward guidance language about the pace of further moves. Journalists at the press conference typically press the Governor on whether the Committee still sees further cuts as likely, what it makes of wage growth and services inflation, and how it is weighing global developments, including US Federal Reserve and European Central Bank policy, against the domestic outlook.

What It Means for Your Money

If you have a tracker or variable-rate mortgage, a change in Bank Rate feeds through to your monthly payment within weeks. If you are on a fixed-rate deal, the immediate effect is smaller, but lenders price new fixed rates based on where markets expect Bank Rate to go, so the decision can move the rate on offer when you come to remortgage. A hold keeps existing fixed deals unaffected; a cut tends to bring down new fixed-rate offers over the following weeks, while a hike pushes them up.

Savers see the opposite pattern: easy-access and fixed-term savings rates tend to track Bank Rate, so a cut usually means lower returns on new deposits, while a hold or hike supports higher savings rates. Anyone with a personal loan, car finance or credit card balance linked to a variable rate will notice smaller but similar effects on repayments.

The decision also moves the pound. A more hawkish tone, or an unexpected hike, tends to support sterling against the dollar and the euro, which affects the cost of holidays abroad and imported goods. A weaker pound makes imports and foreign holidays more expensive but can support UK exporters. For pensions and investments, UK and European equity markets and gilt prices often react within minutes of the announcement, which matters for anyone holding a pension invested in UK bonds or shares, even if the effect on any single pension pot is usually modest.

Related events

• Previous decision: Bank of England MPC Rate Decision, December 2026
• Full MPC schedule and background: Bank of England MPC Rate Decision hub
• UK CPI inflation data, published monthly ahead of each MPC meeting, is the single data point the Committee weighs most heavily when setting Bank Rate

Frequently Asked Questions

What time is the February 2027 Bank of England decision announced?

The decision, minutes and Monetary Policy Report are published together at 12:00 pm London time (7:00 am ET) on Thursday, February 4, 2027.

Will the Bank of England cut interest rates in February 2027?

No consensus forecast has been published this far ahead of the meeting. The outcome will depend on UK inflation and labour market data released in the weeks before the decision.

What is the current Bank of England Bank Rate?

At the most recent confirmed decision, Bank Rate stood at 3.75%, held since the quarter-point cut agreed in December 2025.

When is the next MPC meeting after February 2027?

The MPC meets roughly every six weeks; check the Bank of England MPC Rate Decision hub for the confirmed date of the following meeting.

Where can I watch the Bank of England press conference?

The Bank of England streams the Governor’s press conference live on its own website and YouTube channel shortly after the 12:00 pm announcement.