Last updated: 30 July 2026.
Bank of England Interest Rate Decision Today: What the BoE Did on 30 July 2026
The Bank of England held Bank Rate at 3.75% on 30 July 2026, where it has stood since late 2025. The Monetary Policy Committee (MPC) voted 6–3 to hold, alongside a new Monetary Policy Report.
The three dissenters — Megan Greene, Catherine Mann and Huw Pill — each preferred a 0.25-point rise to 4.00%. That is one more hawkish dissent than June’s 7–2 and two more than April’s 8–1: the minority pushing for higher rates has grown at three meetings running. The committee framed the hold as a pause rather than a stop, judging that a loose labour market and the higher rates households and businesses already face “will act to reduce inflation over time.”
When Is the Next Bank of England Interest Rate Decision?
The next Bank of England interest rate decision is on Thursday 17 September 2026, announced at 12:00 UK time along with the minutes of the meeting. The MPC sets Bank Rate eight times a year, roughly every six weeks. The September meeting does not carry a Monetary Policy Report; the next full forecast round lands with the 5 November decision.
Bank of England MPC meeting dates 2026:
- 5 February 2026 — held at 3.75% (5–4 vote)
- 19 March 2026 — held at 3.75% (unanimous)
- 30 April 2026 — held at 3.75% (8–1; Pill dissented for a hike)
- 18 June 2026 — held at 3.75% (7–2; Greene and Pill dissented for a hike)
- 30 July 2026 — held at 3.75% (6–3; Greene, Mann and Pill dissented for a hike; Monetary Policy Report)
- 17 September 2026 — next decision, 12:00 UK time
- 5 November 2026 (Monetary Policy Report)
- 17 December 2026
What Is the Current UK Interest Rate?
The current UK interest rate (Bank Rate) is 3.75%. The Bank of England has held it there since late 2025, most recently on 30 July 2026. Bank Rate is the interest rate the Bank pays commercial banks, and it feeds through to mortgages, savings and business borrowing — and, because it shapes sterling, to exchange rates. For how that plays out for the pound, see our GBP/USD forecast and GBP/EUR forecast.
Why Did the Bank of England Hold Rates in July 2026?
The MPC held because the domestic inflation picture is improving even as the global one stays uncertain. UK CPI has run above the 2% target through 2026, with services inflation — the figure the Bank watches most closely — the main sticking point. But a loosening labour market and the drag from rates already being restrictive pointed the majority toward patience.
The Governor set the split out plainly: global conditions look more uncertain and inflationary, while the domestic outlook for inflation is, on balance, more benign. That is why three members wanted to move pre-emptively to 4.00% while the majority judged it could wait. The direction of travel on the vote — a growing hawkish minority — matters as much as the hold itself.
Will UK Interest Rates Rise or Fall in 2026?
The base case for 17 September is another hold at 3.75%, with a hike to 4.00% a live risk rather than the central expectation while services inflation stays sticky. A cut is unlikely until the Bank is confident domestic inflation is heading back to target. Economists’ 2026 forecasts have spanned roughly 3.50% to 4.25%, which captures the genuine two-sidedness: sticky services inflation argues for one more rise, a loosening jobs market argues for patience and eventual cuts.
| 17 September scenario | Likelihood | GBP impact |
|---|---|---|
| Hold at 3.75%, hawkish tone (further dissents) | Higher | Modestly GBP-supportive |
| Hike to 4.00% | Live, not the base case | Strongly GBP-positive — GBP/EUR and GBP/USD firmer |
| Hold at 3.75%, signal of cuts ahead | Lower | GBP-negative — sterling could drift lower |
Scenarios reflect Cambridge Currencies’ reading of the 30 July vote pattern and market pricing; they are not Bank of England forecasts, and rates may move either way. See our weekly currency forecast for the latest.
How the BoE Decision Affects the Pound and Your Transfers
Sterling takes its lead from the gap between UK rates and those elsewhere. With the Bank of England holding at 3.75% and the US Federal Reserve holding at 3.50%–3.75% the day before, that differential is finely balanced — see our next Federal Reserve interest rate decision and USD forecast 2026. A hawkish BoE tends to support the pound; a dovish signal tends to weaken it.
On a large transfer, small rate-driven moves are worth real money. Selling £500,000 to euros at an illustrative 1.16 gives €580,000; at 1.14 it gives €570,000 — €10,000 less for the same pounds. On a £500k property purchase, the direction sterling takes around an MPC decision is not a rounding error.
- Buying property abroad: a stronger pound improves overseas purchasing power — see our property buyers hub, buying property in Spain and moving to Spain from the UK.
- Businesses: rate shifts create FX volatility on invoices and payroll — see how exchange rates affect UK business.
- Expats and large transfers: a small move on a big sum is a large cash difference — see the best way to transfer large amounts internationally.
Markets often move before an announcement, so waiting for the decision can mean the move has already happened. Many clients use a forward contract to lock today’s rate ahead of an MPC meeting, set a limit order to catch a better rate automatically, or split a large transfer either side of the date to average their rate. Our guide on whether now is a good time to exchange money walks through the trade-offs.
Frequently Asked Questions
When is the next Bank of England interest rate decision?
The next Bank of England decision is on Thursday 17 September 2026, announced at 12:00 UK time. The remaining 2026 MPC dates are 5 November (with a Monetary Policy Report) and 17 December.
What is the current UK interest rate?
The current UK interest rate (Bank Rate) is 3.75%. The Bank of England held it there on 30 July 2026 in a 6–3 vote, with three members preferring a rise to 4.00%.
Did the Bank of England change interest rates today?
No. On 30 July 2026 the Bank of England held Bank Rate at 3.75%. The vote was 6–3 to hold, with Megan Greene, Catherine Mann and Huw Pill dissenting in favour of a 0.25-point rise.
How often does the Bank of England meet?
The Monetary Policy Committee meets eight times a year, roughly every six weeks, to set Bank Rate. Decisions are announced at 12:00 UK time, and four a year (February, May, August and November) are accompanied by a Monetary Policy Report.
Will UK interest rates rise in 2026?
A hold is the base case, but a rise to 4.00% remains a live risk while services inflation stays elevated — three MPC members already voted for one on 30 July. Economists’ 2026 forecasts span roughly 3.50% to 4.25%. A cut looks unlikely until domestic inflation is clearly heading back to target.
Should I wait for the BoE decision before transferring money?
Markets usually price expected decisions in advance, so waiting often means the move has already happened. A forward contract lets you fix today’s rate and removes the need to time the meeting. Cambridge Currencies works with clients to plan sterling transfers around MPC dates.
Planning a sterling transfer around the September Bank of England decision? Request a free quote and a Cambridge Currencies specialist will talk through your timing and options. Every transfer is completed by phone with a dedicated specialist who knows your situation.
Related guides: GBP forecast 2026 · GBP/USD forecast · Next Federal Reserve rate decision · GBP/EUR forecast
