MONETARY POLICY RESEARCH · BoE / SNB

GBP/CHF Fundamental Analysis

Official policy-rate comparison for Bank of England and Swiss National Bank. Updated from the verified snapshot dated 15 Oct 2026.

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BASE · GBP

BoE · Bank of England

3.75%

Bank Rate

Effective 17 Sept 2026

Official BoE rate source ↗

SIGNED BASE − QUOTE GAP

+375 bp

GBP has the higher selected benchmark

Absolute difference: 375 bp

This is not a forecast of the GBP/CHF exchange rate or actual broker swap yield.

QUOTE · CHF

SNB · Swiss National Bank

0.00%

SNB policy rate

Effective 24 Sept 2026

Official SNB rate source ↗

Rates are from the verified 15 Oct 2026 snapshot; updates are currently curated, not live. Review sources, update frequency and licensing →

ECONOMIC COMPARISON

United Kingdom vs Switzerland

Compare inflation, jobs and growth behind GBP/CHF.

Published economic observations, not live prices. Each line keeps its original reporting frequency. Missing observations are not estimated.

Inflation

Headline CPI · year-on-year %

United Kingdom · GBP 3.42%Mar 2025 · Monthly Older series — latest available observation Refresh failed · saved history

Switzerland · CHF 0.03%Apr 2025 · Monthly Older series — latest available observation Refresh failed · saved history

National headline CPI; euro area uses HICP. Baskets and national methods differ. Quarterly readings remain quarterly.

Sources & exact observations

United Kingdom

Organization for Economic Co-operation and Development via FRED ↗

Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for United Kingdom · Trade90 calculates year-on-year percentage change from the source index.

Source updated: 2025-05-15 2:18 PM CDT
Retrieved: 2026-10-18

United Kingdom inflation — selected range
Period	Value
Mar 2025	3.42%
Feb 2025	3.67%
Jan 2025	3.92%
Dec 2024	3.52%
Nov 2024	3.54%
Oct 2024	3.15%
Sept 2024	2.61%
Aug 2024	3.09%
Jul 2024	3.02%
Jun 2024	2.78%
May 2024	2.79%
Apr 2024	3.04%
Mar 2024	3.79%
Feb 2024	3.81%
Jan 2024	4.17%
Dec 2023	4.15%
Nov 2023	4.17%
Oct 2023	4.75%
Sept 2023	6.38%
Aug 2023	6.24%
Jul 2023	6.44%
Jun 2023	7.39%
May 2023	7.85%
Apr 2023	7.82%
Mar 2023	8.84%
Feb 2023	9.19%
Jan 2023	8.90%
Dec 2022	9.24%
Nov 2022	9.38%
Oct 2022	9.61%
Sept 2022	8.81%
Aug 2022	8.65%
Jul 2022	8.80%
Jun 2022	8.17%
May 2022	7.84%
Apr 2022	7.79%
Mar 2022	6.20%
Feb 2022	5.48%
Jan 2022	4.85%
Dec 2021	4.84%
Nov 2021	4.58%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for Switzerland · Trade90 calculates year-on-year percentage change from the source index.

Source updated: 2025-05-15 2:20 PM CDT
Retrieved: 2026-10-18

Switzerland inflation — selected range
Period	Value
Apr 2025	0.03%
Mar 2025	0.34%
Feb 2025	0.32%
Jan 2025	0.40%
Dec 2024	0.63%
Nov 2024	0.73%
Oct 2024	0.62%
Sept 2024	0.84%
Aug 2024	1.06%
Jul 2024	1.29%
Jun 2024	1.33%
May 2024	1.39%
Apr 2024	1.37%
Mar 2024	1.04%
Feb 2024	1.17%
Jan 2024	1.28%
Dec 2023	1.71%
Nov 2023	1.44%
Oct 2023	1.69%
Sept 2023	1.65%
Aug 2023	1.55%
Jul 2023	1.61%
Jun 2023	1.71%
May 2023	2.16%
Apr 2023	2.57%
Mar 2023	2.95%
Feb 2023	3.37%
Jan 2023	3.28%
Dec 2022	2.84%
Nov 2022	2.96%
Oct 2022	3.00%
Sept 2022	3.25%
Aug 2022	3.45%
Jul 2022	3.43%
Jun 2022	3.38%
May 2022	2.94%
Apr 2022	2.55%
Mar 2022	2.39%
Feb 2022	2.15%
Jan 2022	1.65%
Dec 2021	1.53%
Nov 2021	1.53%

Unemployment

% of labour force · seasonally adjusted

United Kingdom · GBP 4.90%Jun 2026 · Monthly Older series — latest available observation Refresh failed · saved history

Switzerland · CHF 5.03%2026 Q2 · Quarterly Refresh failed · saved history

OECD labour-force survey measure. Switzerland and New Zealand report quarterly; other economies report monthly. National age coverage can differ.

Sources & exact observations

United Kingdom

Organization for Economic Co-operation and Development via FRED ↗

Infra-Annual Labor Statistics: Monthly Unemployment Rate Total: 15 Years or over for United Kingdom

Source updated: 2026-10-15 3:42 PM CDT
Retrieved: 2026-10-18

United Kingdom unemployment — selected range
Period	Value
Jun 2026	4.90%
May 2026	4.90%
Apr 2026	4.90%
Mar 2026	4.90%
Feb 2026	5.00%
Jan 2026	4.90%
Dec 2025	5.20%
Nov 2025	5.20%
Oct 2025	5.10%
Sept 2025	5.10%
Aug 2025	5.00%
Jul 2025	4.80%
Jun 2025	4.70%
May 2025	4.70%
Apr 2025	4.70%
Mar 2025	4.60%
Feb 2025	4.60%
Jan 2025	4.50%
Dec 2024	4.40%
Nov 2024	4.40%
Oct 2024	4.40%
Sept 2024	4.20%
Aug 2024	4.30%
Jul 2024	4.10%
Jun 2024	4.20%
May 2024	4.20%
Apr 2024	4.40%
Mar 2024	4.40%
Feb 2024	4.30%
Jan 2024	4.20%
Dec 2023	4.10%
Nov 2023	3.90%
Oct 2023	4.00%
Sept 2023	4.00%
Aug 2023	4.10%
Jul 2023	4.30%
Jun 2023	4.40%
May 2023	4.20%
Apr 2023	4.00%
Mar 2023	3.90%
Feb 2023	4.00%
Jan 2023	4.00%
Dec 2022	3.90%
Nov 2022	3.90%
Oct 2022	3.90%
Sept 2022	3.80%
Aug 2022	3.70%
Jul 2022	3.60%
Jun 2022	3.60%
May 2022	3.80%
Apr 2022	3.70%
Mar 2022	3.80%
Feb 2022	3.80%
Jan 2022	3.90%
Dec 2021	4.10%
Nov 2021	4.20%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

Infra-Annual Labor Statistics: Monthly Unemployment Rate Total: 15 Years or over for Switzerland

Source updated: 2026-09-15 3:14 PM CDT
Retrieved: 2026-10-18

Switzerland unemployment — selected range
Period	Value
2026 Q2	5.03%
2026 Q1	5.07%
2025 Q4	5.07%
2025 Q3	4.93%
2025 Q2	4.76%
2025 Q1	4.59%
2024 Q4	4.49%
2024 Q3	4.54%
2024 Q2	4.22%
2024 Q1	4.12%
2023 Q4	4.12%
2023 Q3	4.09%
2023 Q2	3.96%
2023 Q1	4.00%
2022 Q4	4.05%
2022 Q3	3.97%
2022 Q2	4.15%
2022 Q1	4.33%

Real GDP growth

Quarter-on-quarter % · seasonally adjusted

United Kingdom · GBP 0.53%2026 Q2 · Quarterly Refresh failed · saved history

Switzerland · CHF 1.88%2026 Q2 · Quarterly Refresh failed · saved history

Real output growth from the previous quarter, not annualised. Euro area uses the 19-country aggregate. Revisions may change historical values.

Sources & exact observations

United Kingdom

Organization for Economic Co-operation and Development via FRED ↗

National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for United Kingdom

Source updated: 2026-10-15 3:42 PM CDT
Retrieved: 2026-10-18

United Kingdom real gdp growth — selected range
Period	Value
2026 Q2	0.53%
2026 Q1	0.64%
2025 Q4	0.01%
2025 Q3	0.18%
2025 Q2	0.01%
2025 Q1	0.60%
2024 Q4	0.36%
2024 Q3	0.17%
2024 Q2	0.62%
2024 Q1	0.73%
2023 Q4	-0.26%
2023 Q3	-0.16%
2023 Q2	0.04%
2023 Q1	0.15%
2022 Q4	0.29%
2022 Q3	0.10%
2022 Q2	0.56%
2022 Q1	0.86%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Switzerland

Source updated: 2026-10-15 3:41 PM CDT
Retrieved: 2026-10-18

Switzerland real gdp growth — selected range
Period	Value
2026 Q2	1.88%
2026 Q1	0.63%
2025 Q4	0.52%
2025 Q3	-0.41%
2025 Q2	-0.02%
2025 Q1	0.94%
2024 Q4	0.39%
2024 Q3	0.50%
2024 Q2	0.90%
2024 Q1	-0.02%
2023 Q4	0.56%
2023 Q3	0.34%
2023 Q2	-0.34%
2023 Q1	0.36%
2022 Q4	0.18%
2022 Q3	0.59%
2022 Q2	0.84%
2022 Q1	0.25%

Sources: OECD, Eurostat and the U.S. Bureau of Labor Statistics, retrieved through the Federal Reserve Bank of St. Louis (FRED). Data may be revised. Refresh check: 2026-10-18. Higher or lower readings alone do not determine currency direction.

Market data availability

Expected GBP/CHF Rate Divergence

Market-implied policy-rate differences require validated, appropriately licensed forward inputs for both currencies. No fabricated forecasts.

Checking forward-rate source availability…

Policy calendar · GBP/CHF

Next Major Decisions to Watch

The next scheduled monetary-policy announcement for each of the two central banks in this pair. Dates are official schedules, not forecasts of rate increases or cuts.

GBP · BoEScheduled

5 Nov 2026

Policy announcement date

MPC rate decision and Monetary Policy Report

What to watch

Bank Rate decision, MPC vote and Monetary Policy Report

Official BoE calendar ↗

CHF · SNBScheduled

10 Dec 2026

Policy announcement date

Monetary policy assessment

What to watch

SNB policy-rate assessment, inflation outlook and press release

Official SNB calendar ↗

Schedules checked 15 Oct 2026. Central banks may reschedule meetings or announce unscheduled decisions. For the newest schedule, use the linked official calendars.

Official statements · GBP/CHF

Central Bank Policy Outlook & Forward Guidance

Compare what the two central banks have actually communicated. These are dated summaries of official policy, not market-priced rate expectations or trade recommendations.

GBP · BoE17 Sept 2026

Rate hold · Upside inflation risks

Six MPC members held; three preferred a 25 bp hike

The September MPC maintained Bank Rate at 3.75% by 6–3. It highlighted energy-driven upside inflation risks and said it stood ready to act if necessary.

What could change the outlook?

UK CPI, wage-setting effects from energy prices, jobs and MPC votes

MPC summary and minutes ↗

CHF · SNB24 Sept 2026

Rate hold · Conditional inflation outlook

SNB held at zero as its conditional inflation forecast stayed in target

The SNB maintained a 0% policy rate. Its published inflation forecast assumed a constant policy rate and was within its price-stability range; that assumption is not a promise to hold future rates.

What could change the outlook?

Swiss inflation, franc exchange-rate developments and global uncertainty

Official monetary policy assessment ↗

Review date: 16 Oct 2026. Different central-bank statements are not directly comparable forecasts. The next policy decision may materially change the guidance.

Official central-bank publications

Central Bank Policy Updates · GBP/CHF

Only SNB and BoE: official decisions, minutes and policy publications relevant to GBP/CHF. No unrelated currencies.

Last curated review: 15 Oct 2026 · Dated source collection — not a live news feed

2 publications from the two banks in GBP/CHF.

CHF · SNB Rate decision 24 Sept 2026

SNB holds SNB policy rate · 0.00%

SNB kept its benchmark rate unchanged; Trade90's selected snb policy rate is 0.00%. Effective from the decision date.

What this publication confirms: Official policy benchmark, not a market-implied future rate.

Official SNB publication ↗

GBP · BoE Rate decision 17 Sept 2026

BoE holds Bank Rate · 3.75%

BoE kept its benchmark rate unchanged; Trade90's selected bank rate is 3.75%. Effective from the decision date.

What this publication confirms: Official policy benchmark, not a market-implied future rate.

Official BoE publication ↗

AUTOMATED OFFICIAL SOURCE WATCH

Recent publication links for GBP/CHF

Links detected from official bank publication channels. A new publication is not necessarily an interest-rate decision and is not a verified policy-rate change.

Loading recent source scan…

Automatically collected links are shown for reference, not verified AI-written summaries or streaming data. For rate and source-quality definitions, see TRADE90's data policy.

AUTOMATIC OFFICIAL SOURCE WATCH

Recently detected central-bank publications

Links detected on official bank websites for GBP/CHF. Titles are from the original sources. TRADE90 does not treat link discovery as confirmation of a new interest rate.

Checking the official-source archive…

Interpretation & sources

What the GBP/CHF Policy-Rate Gap Means

GBP/CHF compares the GBP (United Kingdom) and CHF (Switzerland) monetary-policy benchmarks. GBP has the higher selected official policy-rate benchmark in Trade90's 15 Oct 2026 snapshot. The signed base-minus-quote gap is +375 basis points; this is a comparison of official policy levels, not a currency-price signal.

What could change the relative policy outlook?

For GBP, monitor UK inflation, wage growth and Monetary Policy Committee votes. For CHF, monitor Swiss inflation, franc exchange-rate developments and SNB assessments. A change in future market expectations may move an exchange rate even while the current official policy gap remains unchanged.

Why this gap is not a trade recommendation

Trade90 compares Bank Rate against SNB policy rate. Each country defines its policy benchmark differently. The signed difference is not an FX forward, an investable interest-rate spread, or a broker's overnight swap charge.

Current decisions and forward market pricing answer different questions. A CPI or labour-market release can change futures-implied expectations without changing an official benchmark. Trade90 does not infer a buy/sell signal from a policy gap. Read the rate-gap methodology and guide to market-implied expectations.

Latest dated official publications for this pair

24 Sept 2026 · SNB: SNB holds SNB policy rate · 0.00% ↗
17 Sept 2026 · BoE: BoE holds Bank Rate · 3.75% ↗

Continue your research

Use the forex fundamental analysis checklist to compare the two economies, read how interest-rate differentials work, and model trade risk with the forex position size calculator.

BoE · Bank of England

SNB · Swiss National Bank

United Kingdom vs Switzerland

Inflation

United Kingdom

Switzerland

Unemployment

United Kingdom

Switzerland

Real GDP growth

United Kingdom

Switzerland

Expected GBP/CHF Rate Divergence

MPC rate decision and Monetary Policy Report

Monetary policy assessment

Six MPC members held; three preferred a 25 bp hike

SNB held at zero as its conditional inflation forecast stayed in target

Central Bank Policy Updates · GBP/CHF

SNB holds SNB policy rate · 0.00%

BoE holds Bank Rate · 3.75%

Recent publication links for GBP/CHF

What the GBP/CHF Policy-Rate Gap Means

What could change the relative policy outlook?

Why this gap is not a trade recommendation

Latest dated official publications for this pair

Continue your research

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