Rate differentials · BoE vs SNB · priced as of 12 November 2026
GBP/CHF interest rate differential: BoE vs SNB
As of 12 November 2026, the GBP/CHF interest rate differential is +400 bp: the BoE's Bank Rate at 4.00% against the SNB's policy rate at 0.00%, in favour of the pound. Markets price the gap at +431 bp in six months and +426 bp in twelve.
Over the next six months, markets price the gap to move +31 bp over six months, towards the pound. That six-month gap has moved +24 bp in a month.
The rate spread, now and priced ahead
| BoE (GBP) | SNB (CHF) | Gap | |
|---|---|---|---|
| Policy rate now | 4.00% | 0.00% | +400 bp |
| Priced in 6 months | 4.60% | 0.29% | +431 bp |
| Priced in 12 months | 4.77% | 0.51% | +426 bp |
| 6-month gap a month ago | 4.43% | 0.36% | +407 bp |
The gap is GBP minus CHF, in basis points (100 bp is one percentage point). Six and twelve months out is the rate implied after each bank's last meeting on or before that date. Market pricing, not a forecast. Each bank's meeting-by-meeting odds: BoE · SNB.
The carry on GBP/CHF
The pound: the Bank of England pays 4.00% against 0.00%, a gap of +400 bp. Holding the higher-yielding currency against the lower earns roughly that gap a year before costs, which is what the carry trade collects; a move in the exchange rate can outweigh it.
How the gap feeds the exchange rate, and when it does not: rate differentials explained and the carry trade explained.
Questions
What is the GBP/CHF interest rate differential?
As of 12 November 2026, the GBP/CHF interest rate differential is +400 bp: the BoE's Bank Rate at 4.00% against the SNB's policy rate at 0.00%, in favour of the pound. Markets price the gap at +431 bp in six months and +426 bp in twelve.
Is the BoE–SNB gap priced to widen or narrow?
Markets price the gap to move +31 bp over six months, towards the pound, from +400 bp now to +431 bp. A month ago (13 October) the same six-month gap was priced at +407 bp, so it has moved +24 bp since. That is market pricing, not a forecast.
Which side of GBP/CHF has the carry?
The pound: the Bank of England pays 4.00% against 0.00%, a gap of +400 bp. Holding the higher-yielding currency against the lower earns roughly that gap a year before costs, which is what the carry trade collects; a move in the exchange rate can outweigh it.
Where does this pricing come from?
Each bank's priced path comes from the market instrument behind it: Exchange-traded futures, WatchTower model for BoE, Exchange-traded futures, WatchTower model for SNB. The rate six or twelve months out is the one implied after the last meeting on or before that date. The month-ago figure is from our daily snapshot of the same curves.
More on GBP/CHF: GBP/CHF analysis · GBP/CHF retail sentiment · GBP/CHF seasonality · British Pound outlook · British Pound COT positioning · BoE rate expectations · UK economic surprises · Swiss Franc outlook · Swiss Franc COT positioning · SNB rate expectations · Swiss economic surprises
Other rate differentials: GBP/USD 0 bp · USD/CHF +400 bp · EUR/GBP −150 bp · EUR/CHF +250 bp · GBP/JPY +275 bp · GBP/AUD −85 bp · GBP/CAD +150 bp · GBP/NZD +125 bp · AUD/CHF +485 bp · CHF/JPY −125 bp · all 28
In WatchTower Terminal, the Rate spread panel draws the GBP/CHF gap against the price. Nothing here is financial advice.