When is the next interest rates announcement and will they increase?

The Bank of England  (John Walton / PA)
The Bank of England (John Walton / PA)

It seems likely that The Bank of England will hold interest rates at 5.25% when it meets next week.

This would make it the second month of a no-change decision.

This month’s decision will come with a brief statement rather than a full briefing which means that if there is no change to interest rates this week, there will be little guidance on when this is likely to happen.

The Monetary Policy Committee of the bank, which sets interest rates, increased rates 14 times between December 2021 and August 2023, sending them skyrocketing from an all-time low of 0.1 per cent to their current high of 5.25 per cent.

The Bank of England/Ipsos Inflation Attitudes Survey suggests that the public doubts the Bank’s ability to bring inflation down to the two per cent target.

When asked what they expect the rate of inflation to be a year from now, respondents gave a median answer of 3.3 per cent. For three years from now, they said 2.8 per cent. In five years, they said it would be 3.2 per cent.

Have interest rates increased?

On May 9, interest rates remained at 5.25% for the sixth meeting in a row. The Monetary Policy Committee, inside the Bank of England, determines the base rate.

The committee reveals its decisions about interest rates every six weeks, alongside factors that have led to the verdict.

You can find out more about why interest rates rise in our guide.

When is the next interest rates announcement?

The MPC meets eight times a year to discuss whether it should raise or cut interest rates, or keep them the same.

The next meeting will take place on June 20.

The remaining five meetings will take place on the following dates:

  • August 1

  • September 19

  • November 7

  • December 19