The BoE held at 3.75% on 17 September, but three of nine committee members voted for an immediate hike to 4.00% as UK inflation climbed to 3.1% on energy costs. It also slowed its bond-holdings runoff, stretching QT out to 2034.
The Bank of England held Bank Rate at 3.75% on Thursday as Governor Bailey warned that a prolonged Middle East conflict could yet force policy tighter. Source
Six consecutive holds. That's the headline out of the Bank of England on 17 September, with Bank Rate parked at 3.75% for a run stretching back to the December 2025 cut. Read in isolation, it looks like inertia. It isn't. The vote split 6-3, with Huw Pill, Megan Greene and Catherine Mann all pushing for an immediate 25-basis-point rise to 4.00%, and that split is the number that matters this week, not the headline rate.
