High Quality Content by WIKIPEDIA articles! The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for two and a half days every month to decide the official interest rate in the United Kingdom (the Bank of England Base Rate). It is also responsible for directing other aspects of the government`s monetary policy framework, such as quantitative easing. The Committee comprises eight members, along with the Governor of the Bank of England (as of 2011 Mervyn King), and is responsible primarily for keeping the Consumer Price Index (CPI) measure of inflation close to a target set by the government (2% as of 2011).