Bank of England rate decision: what to look at and impact on the pound

What it is

The Bank of England's Monetary Policy Committee decides Bank Rate. It meets about eight times a year and announces the decision together with the result of the members' vote and the minutes.

Times

The announcement is normally made at noon UK time. Every few months it is accompanied by the Monetary Policy Report and a press conference by the Governor.

What to look at

• The rate decision and the split of votes (for example 6-3): an unexpected split is a surprise
• Indications on UK inflation and wages
• The tone of the statement and of the Governor

Impact on markets

The pound (GBP/USD, EUR/GBP, GBP/JPY) can move a lot in the minutes of the announcement. UK inflation data and the BoE's reaction to market expectations drive the picture.