{
  "id": 18233993,
  "title": "Bank of England set to raise rate as inflation jumps",
  "url": "https://urgent.news/2026/11/05/bank-of-england-set-to-raise-rate-as-inflation-jumps",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T02:58:47.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today-freemalays",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/11/05/bank-of-england-set-to-raise-rate-as-inflation-jumps"
  },
  "original_language": "en",
  "account": "The Bank of England is set to raise its benchmark interest rate for the first time since August 2023, as soaring energy costs drive global inflation higher. The Bank of England (BOE) is anticipated to increase borrowing costs by a quarter point to 4.0% in a move that aligns with the U.S. Federal Reserve and European Central Bank's tightening stance. This decision follows record-high diesel prices triggered by disruptions in energy supplies due to the U.S.-Iran war and strikes on Russian refineries. Consumer confidence is already being affected by the prospect of persistently rising prices, according to Danni Hewson, head of financial analysis at AJ Bell. Since December, the BOE has maintained the cost of borrowing at 3.75%. Official data revealed that Britain's annual inflation rate surged to 3.5% in September, fueled by surging fuel prices. Forecasts suggest that UK inflation could reach around four percent in the coming year, placing additional financial strain on millions of Britons despite the government's assistance in its annual budget. The BOE's monetary policy update will provide insights into its latest forecasts for UK economic growth and inflation, which analysts expect to mirror recent estimates from the UK's Labour government and International Monetary Fund. Both organizations previously projected economic growth for this year, followed by a slowdown in 2027. Nomura analyst George Buckley anticipates the Bank will revise its growth and inflation projections upward in its monetary policy report, but the persistent impact of higher energy prices may ultimately dampen growth forecasts in the future.",
  "summary": "UK inflation is forecast to hit 4% in the new year, as millions face a jump in energy bills despite government aid announced in last week’s budget.",
  "key_points": [
    "Bank of England to raise interest rate for first time since August 2023",
    "Inflation driven by soaring energy costs, U.S.-Iran war disruptions",
    "Annual inflation rate jumps to 3.5% in September, forecast to reach 4%"
  ],
  "editors_take": "Aligning with global central bank trends signals that rising energy costs are forcing a shift toward tighter monetary policy that will increase financial pressure on British households.",
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Bangkok Post Business",
        "title": "Bank of England poised to raise rate as inflation jumps",
        "url": "https://urgent.news/2026/11/05/bank-of-england-poised-to-raise-rate-as-inflation-jumps",
        "published": "2026-11-05T02:45:00.000Z"
      },
      {
        "outlet": "City AM",
        "title": "City searching for signals as Bank of England set to hike interest rates",
        "url": "https://urgent.news/2026/11/05/city-searching-for-signals-as-bank-of-england-set-to-hike-interest",
        "published": "2026-11-05T04:00:00.000Z"
      },
      {
        "outlet": "Winnipeg Free Press",
        "title": "Bank of England set to hike interest rates to tackle higher inflation caused by Iran war",
        "url": "https://urgent.news/2026/11/05/bank-of-england-set-to-hike-interest-rates-to-tackle-higher-inflation",
        "published": "2026-11-05T05:12:28.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}