That is the headline — and where many readers stop. This note is general information for people in England who want a clear read of what was confirmed. It is not personal advice. Nothing here invites you to remortgage, switch a savings account, move investments, or change a pension.

What was decided

The MPC voted 6–3 to hold Bank Rate at 3.75%. Six members voted to maintain the rate. Three — Megan Greene, Catherine L Mann and Huw Pill — preferred 4%.

So the official policy rate is unchanged. The minutes also show a split committee, not a unanimous “all clear.”

Bank Rate is not your mortgage rate. It is not your savings rate either. It is the Bank of England’s policy rate. Retail mortgage and savings rates differ by product, lender and timing. This note does not quote average retail mortgage or savings rates. Treat the decision as macro news, not a personal product quote. Your deal terms and any early repayment charges sit in your paperwork, not in the MPC minutes.

Why a “hold” still came with an inflation warning

A hold does not mean inflation is “fine.” The September minutes give the near-term context:

  • CPI inflation was 3.1% in August.
  • Bank staff’s path (energy prices as at close of 14 September) implied CPI around 3¾% in 2026 Q4 and slightly above 4% in 2027 Q1.
  • Upside risks to inflation were judged more tilted than at the July Monetary Policy Report. Energy prices — including the Ofgem headline price cap for October–December raised to £1,723, as cited in the minutes — formed part of that picture. The Committee noted little evidence yet of material second-round effects, but that the risk rises the longer energy prices stay high or volatile. It also said it “stands ready to act.”

Those are minutes facts — not a personal forecast of your bills, mortgage, or the next decision. Note the hold, the split vote and the inflation warning; leave November and the Budget until those decisions exist.

Quantitative tightening (macro literacy only)

The Committee unanimously agreed a path to reduce the stock of gilts held for monetary-policy purposes in the Asset Purchase Facility to zero by the end of 2034. That is a multi-year balance-sheet plan for markets and macro context. It is not a statement that household rates will jump tomorrow, and not a consumer product change.

Two diary dates — locked vs future

Date What Status
Wed 28 October 2026 Autumn Budget 2026 Confirmed date. Measures not known yet.
Wed 5 November 2026 Minutes of the MPC meeting ending 4 November 2026 Next Bank Rate decision publication.

In-force 2026/27 figures — adult ISA £20,000, standard Lump Sum Allowance £268,275, Normal Minimum Pension Age still generally 55 until 5 April 2028 — were unchanged versus the 15 September pack. Future policy such as the Cash ISA £12,000 limit for under-65s from 6 April 2027 is not this year’s live rule.

This note does not forecast the November MPC or Budget measures. Dates and published figures only.

If you follow Bank Rate because of a mortgage, savings, or the headlines: separate the policy rate from your own product rates, check primary sources when a figure matters, and treat split votes and inflation paths as context — not instructions to act this week.

Craig Shilling — Octo Financial Planning, an Appointed Representative of 2plan wealth management Ltd.

Sources (as at 18 September 2026)