BOE: Instant Answers November 2 MPC meeting

The Bank of England left policy settings unchanged

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

2.    Number of members voting for cut? 0

3.    Number of members voting for unchanged rate? 6

4.    Number of members voting for a 25bp hike? 3  - Mann, Haskel, Greene

5.    Number of members voting for any other outcome? 0

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”? Yes

7.    Did the MPC say "Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent"? No

8.    Did the MPC say Bank Rate is now likely close to / at its peak? No

9.    Did the MPC (or the majority of MPC) say Bank Rate is likely to remain at eventual peak for an extended period of time (or similar)? close, but vague on peak:   The MPC's latest projections indicate that monetary policy is likely to need to be restrictive for an extended period of time.

10.    Did the MPC leave its guidance paragraph materially unchanged versus the September policy statement? Yes

11.    UK CPI forecast in 2 years time at market rates (mean / mode)?   2.2 / 1.9

12.    UK CPI forecast in 3 years time at market rates (mean / mode)?     1.9 / 1.5

13.    UK GDP Q4 2024 forecast at market rates (mode)? 0.0%

14.    UK GDP Q4 2025 forecast at market rates (mode)?   0.4%