The Bank of England’s Monetary Policy Committee voted 9-0 to hold the Bank Rate at 3.75% on March 19, 2026.
From rate cuts to rate holds
Before the Iran conflict erupted in March 2026, markets were pricing in rate cuts. The UK economy had been cooling, inflation was moderating, and the MPC seemed poised to start easing. Then the Strait of Hormuz, through which a significant chunk of global oil transits, became a conflict zone. Energy prices surged.
The April 30 meeting voted 8-1 to maintain rates, with Chief Economist Huw Pill casting the lone dissent. Pill wasn’t pushing for cuts — he was arguing for a 25-basis-point hike.
The inflation problem nobody wanted
