Bank of England Interest Rate: Next Decision Date and What It Means for Your Mortgage
Last updated: 3 October 2026
The Bank of England’s base rate (officially called Bank Rate) is 3.75%. The Monetary Policy Committee (MPC) voted on 17 September 2026 to leave it unchanged. The next decision is due on Thursday 5 November 2026, with one more on Thursday 17 December 2026. Below we explain what happened at the last meeting, what could happen next, and what it means for your mortgage, savings and borrowing.
What happened at the September 2026 meeting?
Here’s what you need to know:
The nine-member committee voted 6–3 to hold the rate at 3.75%. The three members who disagreed (Megan Greene, Catherine Mann and Huw Pill) voted to raise it by 0.25 percentage points, to 4%.
The main reason for the split was energy prices. The conflict in the Middle East has pushed up gas and oil prices, and this is feeding into household bills and business costs. Inflation measured by the Consumer Prices Index (CPI) was 3.1% in August 2026. The Bank expects it to rise to around 3.75% in the last three months of 2026, and possibly above 4% in early 2027. That’s well above the Bank’s 2% target.
On the other side, the Bank noted that the jobs market is weak and spending in the economy is subdued. Higher interest rates would put more pressure on households and businesses that are already struggling. The majority therefore decided to wait. The Governor’s letter warned, however, that “policy may have to tighten” if the conflict continues and price rises start to feed into wages.
Bank of England meeting dates for 2026 and 2027
| Date | Notes |
|---|---|
| Thursday 5 November 2026 | With the quarterly Monetary Policy Report |
| Thursday 17 December 2026 | |
| Thursday 4 February 2027 | With Monetary Policy Report |
| Thursday 18 March 2027 | |
| Thursday 29 April 2027 | With Monetary Policy Report |
| Thursday 17 June 2027 | |
| Thursday 29 July 2027 | With Monetary Policy Report |
| Thursday 16 September 2027 | |
| Thursday 4 November 2027 | With Monetary Policy Report |
| Thursday 16 December 2027 |
Decisions are announced at 12 noon UK time, together with a summary and the minutes of the meeting.
Will interest rates go up in November?
Nobody can say for certain, and the Bank itself doesn’t commit in advance. The September vote shows that a rise is now a real possibility: three members already wanted one. The key things to watch before 5 November are:
- Inflation figures for September, published by the Office for National Statistics in mid-October
- Wage growth and unemployment data: faster pay growth makes a rise more likely
- Energy prices: further rises in gas and oil prices would add to inflation
If inflation rises faster than the Bank expects, more members may vote for a rise. If the economy weakens sharply, the rate is more likely to stay at 3.75%.
What does the base rate mean for your mortgage?
How a change affects you depends on your type of mortgage:
| Mortgage type | What happens if Bank Rate changes |
|---|---|
| Fixed rate | Your payments stay the same until your fixed deal ends |
| Tracker | Your rate moves up or down with Bank Rate, usually from the next month |
| Standard variable rate (SVR) | Your lender can change the rate whenever it chooses. It often follows Bank Rate, but doesn’t have to |
| Discount | Linked to the lender’s SVR, so it may change if the SVR changes |
Example: what a 0.25% rise would cost
On a £200,000 repayment mortgage over 25 years, a rise from 4.75% to 5.00% adds roughly £29 a month to the repayment (about £1,140 → £1,169). On a £300,000 mortgage, it’s roughly £43 a month more. These figures are illustrations only. Your lender will tell you the exact change.
If your fixed deal ends soon
Most lenders let you secure a new deal up to six months before your current fix ends. Fixed mortgage rates depend on what markets expect to happen to Bank Rate, not just today’s rate. Speak to a mortgage broker or your lender early, so you aren’t moved onto the more expensive SVR.
What it means for savings
When Bank Rate stays high, savings rates usually stay attractive too. Easy-access accounts can change their rates at any time, so check that your account still pays a competitive rate. If you think rates may fall later, a fixed-rate savings account can lock in today’s rate. Savings with UK-authorised banks are protected up to the Financial Services Compensation Scheme (FSCS) limit per person, per banking group.
Credit cards, loans and car finance
- Existing fixed-rate personal loans don’t change.
- Credit card and overdraft rates can change, but they are already much higher than Bank Rate and usually move less.
- New loans may become more expensive if markets expect rates to rise.
Frequently asked questions
What is the current Bank of England base rate?
3.75%, held at the 17 September 2026 meeting.
When is the next Bank of England announcement?
Thursday 5 November 2026 at 12 noon, followed by 17 December 2026.
Why does the Bank of England change interest rates?
To keep inflation close to its 2% target. Higher rates make borrowing more expensive and saving more attractive, which slows spending and helps bring inflation down.
Does the base rate affect rent?
Not directly. But landlords with mortgages may pass on higher costs when tenancies are renewed.
Related: Energy price cap October 2026 · Self Assessment deadlines
Sources: Bank of England – September 2026 Monetary Policy Summary and minutes; Bank of England – Upcoming MPC dates. This article is general information, not financial advice.
