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Bank of England MPC decision · December 2026

The Monetary Policy Committee votes on interest rates for the final time in 2026. With UK CPI at 3.0% and services inflation at 5.5%, markets are split on whether the BoE will cut before the new year.

Thursday 18 December 2026 12:00 GMT Online · bankofengland.co.uk
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Where things stand going in

Previous release · 6 Nov 2026
BoE Bank Rate
4.75%
As of November 2026
UK CPI, Nov 2026
3.0%
Unchanged from October
UK services CPI
5.5%
BoE key watch item
Market-implied cut prob
~40%
25 bp cut for Dec priced

What gets published

Rate decision

The MPC's decision on Bank Rate, published simultaneously with the minutes — a BoE transparency feature.

MPC minutes

Full minutes including the vote split (e.g. 7-2 to hold), individual dissents, and reasoning.

Monetary Policy Report (if applicable)

The BoE publishes a full MPR quarterly (February, May, August, November). December is an interim meeting — no full MPR, just decision and minutes.

How to read it

1
Read the vote split first

The BoE is unusually transparent — it publishes individual votes immediately. A widening minority voting to cut (e.g. moving from 2 to 4 dissenters) signals the direction of travel even if the majority holds.

Inflation target →
2
Watch the language around services inflation

Services inflation at 5.5% is the BoE's stated obstacle to cutting. Watch for any change in how the minutes describe the services outlook — "persistent" vs "moderating" carries significant signal.

Core inflation →
3
Check the forward guidance on the pace of easing

December is an interim meeting with no full MPR, so forward guidance is more limited than February. The key phrase to watch: "gradual" vs "cautious" vs "data-dependent" approach to future cuts.

On the day

December 2026 · times in GMT
12:00
Decision and minutes published RELEASE

Bank Rate decision, vote split, and full MPC minutes published simultaneously on bankofengland.co.uk.

12:30
Governor Bailey press conference CENTRAL BANK

Press conference — less formal than MPR quarter press conferences but still carries forward guidance.

14:00
UK page updated EXPLORER

Explorer updated with the new Bank Rate and any changes to the UK inflation outlook.

Evening
BoE decision story in News NEWS

The decision, vote split, and key signals decoded in plain words.

Around this event

THU 6 NOV · 12:00 GMT

Bank of England MPC decision · November 2026

Bank of England
THU 18 DEC · 07:00 GMT

UK consumer prices · November 2026

ONS

Frequently asked questions

When is Bank of England MPC decision · December 2026 released?
Bank of England MPC decision · December 2026 is scheduled for Thursday 18 December 2026 at 12:00 GMT. The data covers December 2026. The next release in the series is expected on February 2027 · MPC + Monetary Policy Report.
What does Bank of England — Monetary Policy Committee publish in this release?
Rate decision: The MPC's decision on Bank Rate, published simultaneously with the minutes — a BoE transparency feature. MPC minutes: Full minutes including the vote split (e.g. 7-2 to hold), individual dissents, and reasoning. Monetary Policy Report (if applicable): The BoE publishes a full MPR quarterly (February, May, August, November). December is an interim meeting — no full MPR, just decision and minutes. For detailed definitions of each measure, see the IMF inflation methodology.
How do I read the headline inflation number?
Read the vote split first — The BoE is unusually transparent — it publishes individual votes immediately. A widening minority voting to cut (e.g. moving from 2 to 4 dissenters) signals the direction of travel even if the majority holds. Watch the language around services inflation — Services inflation at 5.5% is the BoE's stated obstacle to cutting. Watch for any change in how the minutes describe the services outlook — "persistent" vs "moderating" carries significant signal. Check the forward guidance on the pace of easing — December is an interim meeting with no full MPR, so forward guidance is more limited than February. The key phrase to watch: "gradual" vs "cautious" vs "data-dependent" approach to future cuts. For a deeper explanation of how consumer price indices are constructed, the IMF's primer on inflation is a reliable starting point.
Where can I follow the release live?
The official source is Online · bankofengland.co.uk. Times shown are in GMT — see the time-zone table on this page for your local equivalent. The Federal Reserve's economic data page and ECB statistics portal also carry same-day updates.
How does this compare to the previous release?
Going into this release: BoE Bank Rate was 4.75% (As of November 2026); UK CPI, Nov 2026 was 3.0% (Unchanged from October); UK services CPI was 5.5% (BoE key watch item); Market-implied cut prob was ~40% (25 bp cut for Dec priced). Historical releases and revisions are archived in the World Bank WDI inflation series.
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