{
  "id": 18302565,
  "title": "Bank of England hikes interest rates to four per cent in unanimous vote",
  "url": "https://urgent.news/2026/11/05/bank-of-england-hikes-interest-rates-to-four-per-cent-in-unanimous",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-05T12:04:38.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/interest-rates-hiked-to-four-per-cent-in-unanimous-vote/"
  },
  "original_language": "en",
  "account": "The Bank of England has increased interest rates to four percent, with all policymakers agreeing to tighten monetary policy to stop inflation from spiralling out of control in the coming year. The Monetary Policy Committee, for the first time since mid-2023, raised interest rates for the first time, with one rate-setter, Catherine Mann, voting to raise rates by 50 basis points to maintain credibility. The Bank's most senior economists warned that inflation could reach 4.9 percent in the middle of next year, with Bank Governor Andrew Bailey stating that the hike may not be the last due to concerns over a potential long war between the US and Iran, which could push prices higher. Bailey emphasized that today's increase should not be seen as the first in a long sequence of hikes, but it is unlikely to be the last if the Middle East conflict is not resolved. The Bank's main forecast predicts that inflation will only fall back to the two percent target rate in late 2028, with the worst-case scenario of oil prices remaining above $100 per barrel for two years leading to inflation reaching 6.2 percent. While rate-setters were more optimistic about the UK's growth outlook, with a predicted 1.6 percent growth this year and 1.3 percent next year, the policy report cautioned that expected tax hikes starting in 2027 could weaken output. The Bank believes that energy price-related measures in the Budget will not reduce inflation next year by more than 0.3 percentage points. Bailey alluded to a further interest rate hike, as markets had predicted at least one policymaker would vote against the hike. The MPC concluded that there was pressure in the pipeline, as higher costs would feed into global prices. The forecast did not account for recent market pricing, based on data up until late October.",
  "summary": "The Bank of England has raised interest rates to four per cent as all policymakers agreed to tighten monetary policy in a bid to stop inflation from spiralling in the next year. The Bank’s Monetary Policy Committee hiked interest rates for the first time since mid-2023, with policymakers warning another hike could come in upcoming [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 8,
    "also_reported_by": [
      {
        "outlet": "CNBC",
        "title": "Bank of England hikes for the first time since the Iran war, lifting interest rate to 4%",
        "url": "https://urgent.news/2026/11/05/bank-of-england-hikes-for-the-first-time-since-the-iran-war-lifting",
        "published": "2026-11-05T12:02:32.000Z"
      },
      {
        "outlet": "WSJ Economy",
        "title": "The Bank of England raised its key interest rate Thursday for the first time since the war U.S.-Iran sent oil prices soaring",
        "url": "https://urgent.news/2026/11/05/the-bank-of-england-raised-its-key-interest-rate-thursday-for-the",
        "published": "2026-11-05T12:08:00.000Z"
      },
      {
        "outlet": "This Is Money",
        "title": "Is today's interest rate rise the first of many and can the Bank of England keep inflation in check? This is what economists say",
        "url": "https://urgent.news/2026/11/05/is-todays-interest-rate-rise-the-first-of-many-and-can-the-bank-of",
        "published": "2026-11-05T12:08:06.000Z"
      },
      {
        "outlet": "Euronews",
        "title": "Bank of England raises key interest rate for first time in over 3 years",
        "url": "https://urgent.news/2026/11/05/bank-of-england-raises-key-interest-rate-for-first-time-in-over-3",
        "published": "2026-11-05T12:32:38.000Z"
      },
      {
        "outlet": "Dawn Business",
        "title": "Bank of England lifts rate for first time since 2023 to fight inflation",
        "url": "https://urgent.news/2026/11/05/bank-of-england-lifts-rate-for-first-time-since-2023-to-fight",
        "published": "2026-11-05T13:06:10.000Z"
      },
      {
        "outlet": "RTHK News - Finance",
        "title": "First Bank of England rate hike in 3 years",
        "url": "https://urgent.news/2026/11/05/first-bank-of-england-rate-hike-in-3-years",
        "published": "2026-11-05T13:11:07.000Z"
      },
      {
        "outlet": "The Peninsula Qatar Business",
        "title": "Bank of England lifts rate for first time since 2023 to fight inflation",
        "url": "https://urgent.news/2026/11/05/bank-of-england-lifts-rate-for-first-time-since-2023-to-fight-18313687",
        "published": "2026-11-05T13:49:15.000Z"
      }
    ]
  },
  "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."
}