A committee of nine sets the UK's interest rate
The Monetary Policy Committee is the Bank of England body that sets the UK's interest rate. It has nine voting members. Five are Bank officials who sit on it because of their posts: the Governor, who chairs it, three Deputy Governors and the Chief Economist. The other four are external members, independent economists appointed by the Chancellor for fixed three-year terms that can be renewed. This is the committee as it stood at its September 2026 meeting. Members change as terms end, so the list is checked again by the end of December 2026. The steps after the full list separate the Bank officials from the external members.