12 noon BANK OF ENGLAND MONETARY POLICY SUMMARY, DECEMBER 2024
The Monetary Policy Committee (MPC) sets monetary policy to meet the 2%
inflation target, and in a way that helps to sustain growth and employment. The
MPC adopts a medium-term and forward-looking approach to determine the monetary
stance required to achieve the inflation target sustainably.
At its meeting ending on 18 December 2024, the MPC voted by a majority of 6-3
to maintain Bank Rate at 4.75%. Three members preferred to reduce Bank Rate by
0.25 percentage points, to 4.5%.
Since the MPC’s previous meeting, twelve-month CPI inflation has increased to
2.6% in November from 1.7% in September. This was slightly higher than previous
expectations, owing in large part to stronger inflation in core goods and food.
Services consumer price inflation has remained elevated. Headline CPI inflation
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