The Bank of England (BoE) has postponed its Monetary Policy Committee (MPC) announcement on interest rates until 22 September, following the death of Queen Elizabeth II.

A decision on the Bank’s base rate had been due next week, on 15 September.

At its last meeting in August, the BoE chose to increase the base rate to 1.75%. The 0.5 percentage point rise from 1.25% was the largest single increase to interest rates in 27 years, and has left interest rates at their highest level since December 2008.

The Bank is widely expected to raise rates again at its next meeting as the UK continues to face record levels of inflation, and as households across the nation struggle with rising energy bills.

A statement from the BoE said: “In light of the period of national mourning now being observed in the UK, the September 2022 meeting of the MPC has been postponed for a period of one week. The Committee’s decision will be announced at 12pm on 22 September.”

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