Monetary Policy Committee

The Bank of England’s Monetary Policy Committee is responsible for making decisions about Bank Rate.

The Monetary Policy Committee (MPC) is made up of nine members – the Governor, the three Deputy Governors for Monetary Policy, Financial Stability and Markets and Banking, our Chief Economist and four external members appointed directly by the Chancellor. 

External members are appointed to make sure that the MPC benefits from thinking and expertise from outside of the Bank of England. A representative from HM Treasury also sits with the MPC at its meetings. The Treasury representative can discuss policy issues, but is not allowed to vote. They are there to make sure that the MPC is fully briefed on fiscal policy developments and other aspects of the Government's economic policies, and that the Chancellor is kept fully informed about monetary policy.

Each member of the MPC has expertise in the field of economics and monetary policy. Members do not represent individual groups or areas – they are independent. 

MPC members serve fixed terms, after which they may be either replaced or reappointed. 

Members of the Committee

Monetary Policy Committee documentation

The Bank has released written transcripts of MPC meetings from 2015 at which policy was decided, as well as the associated policy briefing material.

These documents have been published outside the Bank’s usual archive release schedule as part of the Bank's commitments under the Warsh review in 2014 (Transparency and accountability at the Bank of England) to publish these materials with an eight year delay. In future, these documents will be released annually.

This page was last updated 28 June 2024