What is the MPC?
The MPC, or Monetary Policy Committee, is the Bank of England group that sets UK interest rates. It has nine members and meets eight times a year. Its job is to keep inflation at the government's 2% target. In September 2026 it voted six to three to hold Bank Rate at 3.75%.
The MPC was created in 1997, when the Bank of England was given independence to set interest rates. Before that, the Chancellor set them. The committee has five Bank of England members, including the Governor, and four external experts chosen by the Chancellor. Each member has one vote, and the majority wins. The MPC also decides on quantitative easing and quantitative tightening. Its decisions and the votes of each member are published. Minutes explain the reasons. If inflation is more than one percentage point away from 2%, the Governor writes an open letter to the Chancellor. At its September 2026 meeting, six members voted to hold Bank Rate at 3.75% and three voted to raise it. The external members bring outside views and serve fixed terms.
Some on the left question whether unelected experts should have so much power over jobs and living costs.
The right generally strongly supports the MPC's independence as a guard against politicians using rates for short-term gain.
Britain is split. Now you decide.
In WeDecide you do not set interest rates. The independent Bank responds to the inflation your choices cause.
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Who is on the MPC?
The Governor, three Deputy Governors, the Bank's Chief Economist and four external members appointed by the Chancellor.
Can the government overrule the MPC?
Only in extreme circumstances, under a reserve power that has never been used.