Bank of England Base Rate Today: 3.75% Live MPC Tracker

The Bank of England base rate, formally known as Bank Rate, has been held at 3.75 percent since the December 2025 quarter-point cut. The Monetary Policy Committee voted 5-4 to hold at the 5 February 2026 meeting and then unanimously 9-0 at the 19 March 2026 meeting. Bank Rate is the rate the BoE pays to commercial banks holding overnight reserves with it, and it sets the floor for short-term sterling money market rates and feeds through into mortgage, savings and business lending rates across the UK economy. The next MPC decision is announced at 12 noon on Thursday 30 April 2026. This live tracker page summarises the current position, the next scheduled decisions and what the rate means for households.

Key figures at a glance

What is the Bank of England base rate today

The Bank of England base rate is 3.75 percent as of 19 March 2026, held unanimously at the most recent MPC meeting. The previous level was the same: the rate has been at 3.75 percent since the December 2025 cut. Bank Rate is the official term used by the Bank of England and refers to the interest rate the BoE pays on reserves held overnight by commercial banks.

The level matters because it sets the floor for sterling overnight money market rates and the spread between Bank Rate and other short-term rates feeds through into the rates that banks charge on mortgages and pay on savings. A higher Bank Rate normally pulls up borrowing costs and savings rates; a lower Bank Rate pulls them down.

The MPC sets Bank Rate to keep inflation as measured by CPI at 2 percent over the medium term, in line with the remit set by HM Treasury. The current 3.75 percent rate reflects the Committee's judgement that policy needs to remain restrictive while inflation runs above target, but loose enough to support easing wage and services-inflation pressures.

When is the next Bank of England rate decision

The next MPC announcement is at 12 noon UK time on Thursday 30 April 2026. The MPC publishes the Monetary Policy Summary, the minutes of the meeting, the breakdown of the vote and (in months when one is due) the quarterly Monetary Policy Report at the same time.

Subsequent 2026 meetings are scheduled for 18 June, 6 August, 17 September, 5 November and 17 December. The MPC normally meets eight times a year at roughly six-week intervals, with announcements always at noon and almost always on a Thursday.

The Governor and Deputy Governors hold a press conference at 12:30pm following the announcement on the day a Monetary Policy Report is published, which is on the February, May, August and November decisions.

Will the Bank of England cut rates in April 2026

Before the late February 2026 outbreak of conflict in the Middle East, markets and most major forecasters expected the MPC to cut Bank Rate to 3.5 percent at the 30 April meeting. The oil price shock and the resulting rise in CPI inflation to 3.3 percent in March changed that picture.

Following the unanimous March hold, traders initially priced in two interest rate hikes during 2026, although that has since eased back. Goldman Sachs and Citi expect Bank Rate to remain at 3.75 percent through 2026. ING's James Smith and Oxford Economics also expect no change for the rest of the year.

Pantheon Macroeconomics, Berenberg and Mortgage Advice Bureau still call for one or two cuts before the end of 2026, taking Bank Rate to 3.25 percent or 3.50 percent by year end, conditional on services inflation easing back below 4 percent and wage growth continuing to cool.

What does Bank Rate mean for mortgages and savings

Mortgage borrowers on tracker deals will see the rate change directly: a tracker mortgage priced at Bank Rate plus 0.99 percent moves immediately when the MPC moves Bank Rate. Standard variable rates also move within one or two months. Average SVRs were around 7.13 percent in April 2026.

Fixed-rate mortgages are priced from swap rates, which move based on market expectations of future Bank Rate. Following the unanimous March hold, average 2-year fixed rates rose from 4.83 percent to 5.84 percent during March, before easing slightly in April. The current April 2026 average 2-year fix is 5.56 percent and the 5-year fix is 5.54 percent.

On savings, the top easy-access account rate is 4.5 percent variable (Chase) and the best 1-year fixed rate is 4.25 percent. Best fixed savings rates have edged down slightly since the December 2025 Bank Rate cut, though the gap to Bank Rate has held at around 0.5 to 0.75 percentage points.

How does the BoE decide Bank Rate

The MPC has nine members: the Governor, three Deputy Governors, the BoE Chief Economist and four external members appointed by HM Treasury. Each member has one vote and the decision is made by a simple majority. The Governor has a casting vote in the event of a tie, although a tie has not occurred in recent decades.

Members are presented with the latest analysis from BoE staff covering activity, the labour market, inflation, financial conditions and global risks. The Monetary Policy Report, published quarterly, sets out the Committee's central forecasts under the assumption that policy follows the path implied by market interest rates.

Voting records are published in the Monetary Policy Summary at the same time as the rate decision. The minutes record each member's reasoning and any departures from the majority view. Andrew Bailey, the current Governor, sits on the MPC and voted with the majority at the 19 March 2026 meeting to hold rates.

What is quantitative tightening and how does it relate to Bank Rate

Quantitative tightening, or QT, is the process by which the Bank of England reduces the size of its Asset Purchase Facility, the holdings of UK government bonds and other assets accumulated through earlier rounds of quantitative easing. The APF peaked at 895 billion pounds in late 2021 and stood at 529 billion pounds on 11 March 2026.

QT works alongside Bank Rate. While Bank Rate sets short-term overnight rates directly, QT puts gradual upward pressure on longer-term gilt yields, which feed into corporate borrowing costs and longer-term mortgage rates. The MPC said in September 2025 that it intends to reduce APF holdings by a further 70 billion pounds over the year to September 2026.

The reduction is achieved through a combination of letting some bonds mature without replacement and actively selling some gilts back to the market. The pace of QT has been judged consistent with continued easing of Bank Rate when conditions allow.

Recent Bank of England MPC decisions

This article is for informational purposes only and does not constitute financial, legal, or immigration advice. Always verify with official sources before making decisions.

Frequently asked questions

What is the current Bank of England base rate?

Bank Rate is 3.75 percent as of 19 March 2026, held unanimously at the most recent MPC meeting. The rate has been at 3.75 percent since the December 2025 quarter-point cut.

When is the next BoE interest rate decision?

The next Monetary Policy Committee decision is at 12 noon on Thursday 30 April 2026. Subsequent 2026 meetings are 18 June, 6 August, 17 September, 5 November and 17 December.

Will the Bank of England cut interest rates in April 2026?

Markets and forecasters are split. Goldman Sachs, Citi and ING expect no change. Pantheon Macroeconomics and Berenberg expect a cut to 3.50 percent. The unanimous March hold and CPI rising to 3.3 percent have reduced the probability of an April cut.

What was the highest UK base rate in recent years?

Bank Rate peaked at 5.25 percent between August 2023 and August 2024, the highest level since 2008. The MPC has cut six times since then to bring the rate down to its current 3.75 percent.

How does Bank Rate affect my mortgage?

Tracker mortgages move directly with Bank Rate. Fixed-rate mortgages are priced from swap rates, which reflect market expectations of future Bank Rate. Standard variable rates typically follow Bank Rate within one or two months.

Who decides the UK base rate?

The Monetary Policy Committee, which has nine members including the BoE Governor, three Deputy Governors, the Chief Economist and four external members appointed by HM Treasury. Each member has one vote and the decision is made by simple majority.

What is the BoE inflation target?

The Monetary Policy Committee has a remit from HM Treasury to keep CPI inflation at 2 percent over the medium term. CPI was 3.3 percent in March 2026.

Sources and verification

• Bank of England MPC interest rate page
• Bank of England MPC meeting summary, March 2026
• Bank of England upcoming MPC dates
• Bank of England MPC meeting summary, February 2026
• House of Commons Library briefing on interest rates
• HM Treasury MPC remit letter
• ONS Consumer Price Inflation bulletin, March 2026