What changed in the Bank of England statement —
Bank of England held policy at 4.00%. The vote was 5-4. Read the official statement and the previous release side by side below.
Decision
- Decision: hold
- Bank Rate: 4.00%
- Vote: 5-4
Going into the decision
On the day, the committee read as dovish — -0.6 on a scale where +3 means every member wants higher rates and −3 means every member wants cuts.
Reconstructed from official member remarks published before the decision date. 9 of 9 active members had stored official remarks.
Official statement
Monetary Policy Summary and minutes of the Monetary Policy Committee meeting ending on 5 November 2025
6 November 2025
Bank of England
These are the minutes of the Monetary Policy Committee meeting ending on 5 November 2025. They are available at https://www.bankofengland.co.uk/monetary-policy-summary-and- minutes/2025/november-2025. The Bank of England Act 1998 gives the Bank of England operational responsibility for setting monetary policy to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The minutes of the Committee meeting ending on 17 December will be published on 18 December 2025.
Bank of England
Monetary Policy Summary, November 2025 At its meeting ending on 5 November 2025, the Monetary Policy Committee voted by a majority of 5–4 to maintain Bank Rate at 4%. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.75%. CPI inflation is judged to have peaked. Progress on underlying disinflation continues, supported by the still restrictive stance of monetary policy. This is reflected in an easing of pay growth and services price inflation. Underlying disinflation is being underpinned by subdued economic growth and building slack in the labour market. Monetary policy is being set to balance the risks around meeting the 2% inflation target sustainably. The risk from greater inflation persistence has become less pronounced recently, and the risk to medium-term inflation from weaker demand more apparent, such that overall the risks are now more balanced. But more evidence is needed on both. The restrictiveness of monetary policy has fallen as Bank Rate has been reduced. The extent of further reductions will therefore depend on the evolution of the outlook for inflation. If progress on disinflation continues, Bank Rate is likely to continue on a gradual downward path.
Bank of England Page 1
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