Bank of England raises rates to 4% for first time since 2023, warns of further hike
Briefing by News4U · First published
The Bank of England raised its base rate from 3.75% to 4%, the first increase since 2023, with eight members of the monetary policy committee voting for the move and Catherine Mann preferring a half-point rise. The decision follows the Iran war pushing oil prices above $100 a barrel, driving the Bank’s forecast for UK inflation to 4.9% by mid-2027. Governor Andrew Bailey signaled another rate increase is possible unless the conflict eases, with the next decision due on 17 December. [1] [2] [3] [4] [5]
Sources
- Bank of England raises interest rates to 4% in bid to tame inflation
FT Markets · · Summary only
- Bank of England raises interest rates to 4%, the first increase for more than three years
The Guardian Business · · Full text
- BoE raises interest rates to 4% in bid to tame inflation
Financial Times · · Summary only
- The BOE Decides | Special Coverage
Bloomberg · · Summary only
- Bank of England raises rates for first time since 2023 and warns more likely
The Japan Times · · Summary only