Which institution manages the Bank of England's Monetary Policy Committee?

The Bank of England manages the Monetary Policy Committee, the body responsible for setting the United Kingdom's official interest rate.

The committee was created by the Bank of England Act 1998 and received operational independence to set monetary policy. Its primary responsibility is to maintain price stability, using an inflation target set by the UK government.

The committee is made up of the governor, deputy governors, external members, and the Bank's chief economist. It normally announces its decisions at scheduled meetings throughout the year.

The Bank of England should not be confused with HM Treasury, which is the UK government department responsible for public finance and economic policy. The Financial Conduct Authority is also separate and regulates financial conduct rather than setting the policy rate.