TEXT-Bank of England's Monetary Policy Summary

12 noon BANK OF ENGLAND MONETARY POLICY SUMMARY, SEPTEMBER 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 September 2024, the MPC voted by a majority of 8-1

to maintain Bank Rate at 5%. One member preferred to reduce Bank Rate by 0.25

percentage points, to 4.75%. The Committee voted unanimously to reduce the

stock of UK government bond purchases held for monetary policy purposes, and

financed by the issuance of central bank reserves, by Stg 100 billion over the

next 12 months, to a total of Stg 558 billion.

Monetary policy decisions have been guided by the need to squeeze persistent