February 5, 2026
Interest rates held at 3.75%
The MPC has voted to hold interest rates at 3.75%. The decision was not unexpected, but was a fairly split vote, with almost as many voting to hold as to reduce.
Voting at the MPC today on interest rates resulted in the rate being held at 3.75%. It was quite a close vote, suggesting there is support to reduce the rate again, sooner than later.
- 5 votes to hold
- 4 votes to reduce
Some members have commented on their decision.
Huw Pill has expressed caution around inflation and suggested a sustained drop in inflation was still not evident enough. He also suggested earlier cuts may have been too rapid. Andrew Bailey had similar views on inflation but is encouraged by progress.
Given the overall dovish tone and narrow vote this month, markets are pricing in several cuts this year, starting from March 2026. Traders and analysts are looking towards two cuts in 2026.
The voting
There was an entire committee of 9 for the vote. Five voted to decrease, favouring 0.25%, and four voted to maintain at 5.25%.
| Voter | Amount | Direction |
| Andrew Bailey | 3.75% | Hold |
| Dave Ramsden | 3.5% | Reduction |
| Sarah Breeden | 3.5% | Reduction |
| Swati Dhingra | 3.5% | Reduction |
| Clare Lombardelli | 3.75% | Hold |
| Huw Pill | 3.75% | Hold |
| Megan Greene | 3.75% | Hold |
| Alan Taylor | 3.5% | Reduction |
| Catherine Mann | 3.75% | Hold |
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