BoE June 2026 Decision: What the Vote Split Means for Landlords

The Bank of England held rates at 3.75% on 18 June 2026. No surprise there. What changed was the vote: 7-2, with both Huw Pill and Megan Greene backing a hike to 4.0%. In April, only Pill dissented. The decision was the same. The composition of it hardened.

Four days on, the picture is clearer. The hold is confirmed. Fixed mortgage rates are still falling. But the August MPC is a live meeting, and the direction of committee opinion matters for whether rates go up before they come down.

The Vote Split: What It Means

At the April meeting, the MPC voted 8-1. Chief Economist Huw Pill was the sole dissenter, voting to raise to 4.0%. By June, Greene had joined him.

Pill's position has been consistent throughout 2026. He has argued that upside risks to achieving the 2% inflation target have grown, and that raising to 4.0% is the most robust response to embedded inflation risk from the Gulf energy shock. In June, he repeated that the case for tighter policy had strengthened.

Greene's shift matters more. She held in April and by June had concluded the risks were asymmetric. A proactive rise, she argued, would help anchor inflation expectations before second-round effects from energy and wage-setting take hold. Her pre-meeting speeches had pointed this way. It still matters that the majority held, and a 7-2 split is not 5-4. But two members wanted to go higher, not lower. That is the committee's current balance.

Catherine Mann voted to hold but said she is actively evaluating, watching business pricing behaviour and 2027 wage settlements. She becomes the swing vote if conditions deteriorate before August.