Markets estimate a 75% chance of the BoE opting for a 25 basis point (bp) rate hike and a 25% chance of a 50 bp hike.
With no major moves in the US due to the Emancipation Day holiday, which commemorates the freeing of African-American slaves, investors awaited US Federal Reserve Chairman Jerome Powell's speech to Congress on Wednesday and Thursday.
Spain's selective Ibex-35 stock market closed down 63.10 points on Monday, or 0.66%, at 9,431.90 points, while the FTSE Eurofirst 300 index of large European stocks lost 1.04%.
In the banking sector, Santander lost 0.26%, BBVA rose 0.12%, Caixabank gave up 0.05%, Sabadell gained 0.34%, and Bankinter declined 0.38%.
Among the large non-financial stocks, Telefónica advanced 0.99%, Inditex dropped 1.42%, Iberdrola fell 0.97%, Cellnex fell 0.95%, and the oil company Repsol lost 0.55%.
(Information by Benjamín Mejías Valencia; edited by Manuel Farías)