Date of Bank of England's next interest rates announcement and why they could rise to 5.5%

The Bank of England’s Monetary Policy Committee votes eight times a year, roughly every six weeks, to determine policy on interest rates.

Before the MPC’s nine members decide what action to take, they hold several meetings to review how the economy is working. At a final meeting, the Governor of the Bank – currently Andrew Bailey – recommends the policy he believes will be supported by the majority of MPC members, and the members vote. The next interest rates decision is due on Thursday 21 September, with two more scheduled this year on 2 November and 14 December.

Andrew Bailey, Governor of the Bank of England, is expected to oversee a 15th consecutive increase in rates in Septemberthat the Bank of England should increase interest rates again to at least 5.5 per cent next month – even though inflation is falling.

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