The Bank of England raised interest rates on Thursday for the first time in more than three years, lifting Bank Rate by a quarter point to 4%, and warned at least one more increase is likely if the war continues to push up energy prices, according to Reuters. The Monetary Policy Committee voted 8 to 1, with Catherine Mann dissenting for a bigger rise to 4.25%.
Governor Andrew Bailey said the move should not be seen as the start of a long run of hikes, but added it is unlikely to be the last unless the Middle East conflict ends. Inflation rose 3.5% in the year to September, and the Bank now expects it to peak near 4.9% next year.
Full story: https://zarknews.com/bank-of-england-raises-rates-4-percent-first-hike-2023/
Sources: Zark News reporting, Reuters, Bank of England • Nov 6, 2026 • Illustration: A central bank building in London. AI-generated illustration.
