BOE Instant Answers

Instant Answers Feb 2024

1. Was the Bank Rate changed, and if so by how much? No - held at 5.25%

2. Number of members voting for cut? 1 - Dhingra

3. Number of members voting for unchanged rate? 6

4. Number of members voting for a 25bp hike? 2 - Haskel, Mann

5. Did the MPC say the next move in monetary policy was likely to be a cut? - No

6. Did the MPC again say “if there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required”? - No, this line was dropped. Statement now includes "the Committee will keep under review for how long Bank Rate should be maintained at its current level".

7. Did the MPC Minutes again say that the “decision whether to increase or to maintain Bank Rate at this meeting was again finely balanced”? - No

8. Did the MPC (or the majority of MPC) again say Bank Rate is likely to remain sufficiently restrictive for sufficiently long - Yes

9. Did the MPC (or the majority of MPC) again say monetary policy is likely to need to be restrictive for an extended period? - Yes

10. Did the MPC leave its guidance paragraph materially unchanged versus the December policy statement? - No

11. Did the MPC say, that in the run-up to the February policy decision, it believed market pricing was over-estimating future rate cuts? - No

12. UK CPI forecast in 2 years time at market rates (mean / mode)? 2.3% / 2.3%

13. UK CPI forecast in 3 years time at market rates (mean / mode)? 1.9% / 1.9%

14. UK GDP Q1 2025 forecast at market rates (mode)? 0.5%

15. UK GDP Q1 2026 forecast at market rates (mode)? 0.8%