Reported by The Guardian
Newsflash: The Bank of England has raised interest rates for the first time in more than three years, as policymakers try to fight rising inflation.
Its monetary policy committee has voted to raise Bank rate from 3.75% to 4%, the first rise since August 2023.
The move was widely expected by markets, as UK inflation recently hit 3.5% , further above the Bank’s 2% target.
More from the original report
Excitingly, one member – Catherine Mann – wanted a half-point hike!
double quotation mark At its meeting ending on 4 November 2026, the Monetary Policy Committee (MPC) voted by a majority of 8–1 to increase Bank Rate by 0.25 percentage points, to 4%. One member voted to increase Bank Rate by 0.5 percentage points, to 4.25%.
Original Source Attribution
Published via The Guardian • Source domain: theguardian.com