Bank of England raises Bank Rate to 4% in November

The Bank of England has announced a first-time policy decision to raise Bank Rate to 4% at the 4 November 2026 MPC meeting.

• The MPC voted 8–1 to raise Bank Rate by 0.25 percentage points; one member voted for a 0.5 percentage point increase to 4.25%.
• The report says inflation is expected to rise to around 5% by mid-2027, driven mainly by higher energy prices, with Ofgem’s price cap projected to rise to around £2,150 in 2027 Q1.
• Budget 2026 measures are expected to reduce CPI inflation by ¼ percentage point in 2027 Q2; the report also references a multi-year bond sales plan from the September 2026 MPC meeting.