- Bank Rate maintained at 3.75% with 8-1 MPC vote; one member favored 4% hike
- UK CPI inflation rose to 3.3% in March, projected to peak higher in Q3 2026 due to energy shock
- MPC warns of second-round inflation risks from wage/price spirals but sees labor market slack as mitigating factor
April 30, 2026
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Central Banks 2
- UK CPI deviated from 2% target by more than 1 percentage point in April 2026, triggering mandatory letter from BoE governor to chancellor
- Governor must explain inflation deviation and outline measures to restore price stability
- BoE’s remit requires open communication on inflation deviations to maintain transparency
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