UK money news
Financial and economic updates relevant to people on everyday incomes. Primary sources: Bank of England, Office for National Statistics (ONS), Ofgem. Figures correct at date of publication — rates, prices and policy positions change. Check primary sources before making financial decisions.
Money news
The Bank of England held Bank Rate at 3.75% on 30 July 2026 — the fifth consecutive hold. But the vote split tells an important story. Six members voted to hold. Three voted to raise rates to 4.00% — Megan Greene, Catherine Mann and chief economist Huw Pill. That is one more hawkish dissenter than June, two more than April. The minority pushing for higher rates has grown at three meetings running. The Bank's new Monetary Policy Report forecasts CPI inflation peaking at around 3.2% in the final quarter of 2026, driven by energy prices. Crucially, the MPC said risks to the inflation outlook "are tilted to the upside." For savers, this has two implications. First, a rate cut is now very unlikely in the near term — competitive savings rates should hold. Second, if the hawkish faction continues to grow, a rate rise later in 2026 becomes a real possibility. That would push savings rates higher still. The next MPC decision is 17 September 2026, announced at 12:00 — with no Monetary Policy Report. See our savings rate tables for the best accounts available now.
According to Which? analysis of Moneyfacts data published on 27 July, 80% of UK savings accounts that anyone can apply for are now paying above the June 2026 CPI inflation rate of 2.6%. That means four out of five savings accounts are delivering a real return on your money. The top easy access rate remains 5.00% AER — a real return of approximately 2.4% above inflation on balances up to £25,000. On a £5,000 balance, that is around £120 in real terms over a year. The top one-year fixed rate is 4.92% AER. For savers with money in a high street current account or a standard savings account paying 0.5% or less, the gap between what you are earning and what you could earn is significant. Switching a £10,000 pot from 0.5% to 5.00% adds approximately £450 in interest per year. Moving money between savings accounts takes around 15 minutes online and does not affect your credit score. See the full rate tables →
Revolut's boosted easy access savings rate of 5.00% AER — which includes a bonus of 2.02% — requires you to open a Revolut Standard account by 4 August 2026. After that date, the bonus offer closes and the rate reverts to 2.90% AER. If you have been considering opening an account to access this rate, today or tomorrow is the window. The account requires a Revolut current account, which is free to open. Maximum balance at the bonus rate is £25,000. FSCS protected. If you miss the 4 August deadline, the next-best easy access alternatives include LemFi at 5.00% AER (six-month bonus) and Chase Saver at 4.50% AER (12-month bonus). Compare all easy access rates →
Cost of living
The next ONS inflation release covers July 2026 and is published on Wednesday 19 August at 7:00am. June CPI was 2.6% — below the Bank of England's forecast and below the 2.7% consensus estimate. July's figure will be the first major economic data release ahead of the September MPC decision. The Bank's own forecast from the July Monetary Policy Report puts CPI peaking at approximately 3.2% in Q4 2026, driven by energy price pass-through. If July's CPI figure rises sharply — as the Bank expects it to — it would strengthen the hawkish case for a rate rise in September or November. If it remains close to 2.6%, the hold camp retains the advantage. NumiSave will update following the 19 August release.
The current Ofgem energy price cap is £1,663 per year (from 1 July 2026), reflecting gas at 7.33p/kWh and electricity at 26.11p/kWh. Cornwall Insights continues to forecast a reduction in the October cap of approximately 5–7%, bringing the typical annual bill down to around £1,560. The US-Iran peace deal, now several weeks old, has held — Brent crude is trading around $100 per barrel, significantly below the June peak. Ofgem typically announces the Q4 cap in late August. Anyone on a variable tariff will benefit automatically if the forecast reduction materialises. Those on fixed tariffs should check whether their fix ends before October. Our free budgeting calculator can help plan around bill changes.
4 August 2026: Revolut 5.00% AER bonus offer closes. Final day to open a Standard account and qualify for the boosted rate. 19 August 2026: ONS publishes July 2026 CPI inflation data at 7am. The first major economic reading ahead of the September MPC decision. A significant rise could increase the probability of a rate hike in September. 17 September 2026: Bank of England MPC decision, announced at 12:00. No Monetary Policy Report at this meeting — that comes at the 5 November decision. With the hawkish minority now at three votes, September is a genuinely live meeting. NumiSave will cover all three. Check current savings rates →
Frequently asked questions
When is the next Bank of England interest rate decision?
The next Monetary Policy Committee (MPC) decision is due at 12:00 on 30 July 2026, accompanied by the Bank's quarterly Monetary Policy Report. The current Bank Rate is 3.75%, set by a 7–2 vote on 18 June 2026. Decisions are published at bankofengland.co.uk.
Where does NumiSave get its financial data?
All money news on NumiSave is sourced from UK government and regulatory primary sources: Bank of England MPC minutes, Office for National Statistics (ONS) bulletins, Ofgem press releases, HM Treasury publications and HMRC PAYE data. Where secondary sources are cited, they are named and linked directly. We do not use aggregator data where a primary source is available.
How does the base rate affect my savings and mortgage?
The Bank Rate is the rate the Bank of England charges commercial banks to borrow overnight. When it rises, banks typically pass higher costs to borrowers (mortgages, loans) and increase rates paid to savers, though the pass-through is not always immediate or complete. When the rate falls, the reverse tends to follow. Tracker mortgages move directly with the base rate; fixed-rate mortgages are unaffected until the fix ends. Easy-access savings accounts tend to move within weeks of a rate change.
How often is money news updated on NumiSave?
All articles are reviewed and updated at least weekly. Time-sensitive articles — such as Bank of England rate decisions, Ofgem cap announcements and ONS bulletin days — are updated on the day of publication. The update date is shown at the top of this page and on each individual article.
This is factual information, not financial advice or a personal recommendation. Figures are sourced from the Bank of England, ONS, Ofgem and other primary sources and are correct at the date shown. Rates and policy positions change — check primary sources before making financial decisions.