The September meeting of the Bank of England’s Monetary Policy Committee (MPC) saw the central bank continue to leave the Bank Rate unchanged, at 3.75%. This was in line with market expectations. It marks the sixth successive meeting where the central bank has been on hold.
Once again, the decision to leave the Bank Rate unaltered was not unanimous. Similar to July, the decision was split 6:3, with three members (Pill, Green and Mann) in favour of a 25bps rate hike. In terms of its balance sheet/quantitative tightening policy, the MPC announced today that it will reduce its holding of UK government bonds by £368bn over eight years.
