What is this news
The central bank (BoE) decides what the policy rate (interest rate) will be for the country. This often comes with a statement and press conference. Released by Central Bank. This decision comes about 8 times a year (every 6–8 weeks).
How important it is
Interest rate has the biggest impact on a currency's demand. A higher rate increases the return on holding that currency. This is a High impact event on FxGram: GBP pairs often see sharp moves at this time.
What this data does
Generally, if the rate is raised (hike) or there is a signal of future hikes, it supports the currency; if cut, the opposite. The market prices in the forecast in advance, so the impact is greater when the decision differs from forecast.
This is just general knowledge (textbook), not a prediction for this release. The market may react differently. This is not buy-sell advice.