---
source: Bank of England
url: https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2026/april-2026
document_type: html
date_retrieved: 2026-04-30
period: April 2026
parent_publication: Monetary Policy Summary and Minutes
indicators_covered: [Bank Rate, MPC Vote Unchanged, MPC Vote Hike, MPC Vote Cut]
---

# Monetary Policy Summary and Minutes - April 2026

**Published:** 30 April 2026  
**Meeting date:** 29 April 2026

## Decision

At its meeting ending on 29 April 2026, the Monetary Policy Committee (MPC) voted by a majority of **8–1** to maintain Bank Rate at **3.75%**.

- **Eight members** voted to maintain Bank Rate at 3.75%.
- **One member** (Huw Pill) voted to increase Bank Rate by 0.25 percentage points, to 4%.

## Vote Breakdown

| Vote Position | Number of Members |
|---------------|------------------|
| Maintain (Unchanged) | 8 |
| Increase (Hike) | 1 |
| Decrease (Cut) | 0 |

**Voting members:** Andrew Bailey (Chair), Sarah Breeden, Swati Dhingra, Megan Greene, Clare Lombardelli, Catherine L Mann, Huw Pill, Dave Ramsden, Alan Taylor. Brian Bell attended as Treasury representative.

## Rationale

The Committee noted that the conflict in the Middle East has created highly uncertain prospects for global energy prices. Monetary policy cannot influence energy prices directly but will be set to ensure the economic adjustment achieves the 2% inflation target sustainably.

Key points from the statement:
- CPI inflation has increased to 3.3% and is likely to be higher later this year as higher energy prices pass through.
- There is a risk of material second-round effects in price and wage-setting, which policy would need to lean against.
- The labour market continues to loosen, and a weakening economy could contain inflationary pressures.
- Financial conditions have tightened since the conflict began, which will help to reduce inflation over time.
- The Committee judged it appropriate to maintain Bank Rate at this meeting, while standing ready to act as necessary to ensure CPI inflation remains on track to meet the 2% target in the medium term.

The minutes reveal detailed discussion of three scenarios (A, B, C) reflecting different energy price paths and second-round effects. Most members preferred to hold rates while monitoring incoming data, with several noting that tighter financial conditions since the conflict provide sufficient restrictiveness for now. Huw Pill dissented, arguing for an immediate increase to guard against inflation persistence.