Bank of England's policy path has moved to a conditional split: the committee vote shifted from 7-2 to hold vs. hike in June to 6-3 in July, signalling rising weight of the energy shock and second‑round inflation risks among hawks. The majority said a policy shift is conditional—if the war shock fades quickly and wages do not transmit energy price rises, discussion of rate cuts can be reopened.

2026-07-30

Bank of England's policy path has moved to a conditional split: the committee vote shifted from 7-2 to hold vs. hike in June to 6-3 in July, signalling rising weight of the energy shock and second‑round inflation risks among hawks. The majority said a policy shift is conditional—if the war shock fades quickly and wages do not transmit energy price rises, discussion of rate cuts can be reopened.