After a year of cuts the mood has flipped. The MPC held at 7% in July on a 4-2 split, the Governor warned about inflation on the upside, and June's CPI printed 5.0%. A hike is genuinely on the table.
A YES bid at 33c and a NO bid at 63c meet when they add to 100. That pair funds one contract between them.
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This market resolves YES if the repurchase rate stated in the Monetary Policy Committee statement is higher than the rate prevailing immediately before the announcement, by any margin. It resolves NO in every other case.
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