{
  "id": 18329663,
  "title": "BoE raises rates for first time since 2023, warns another move likely",
  "url": "https://urgent.news/2026/11/05/boe-raises-rates-for-first-time-since-2023-warns-another-move-likely",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-05T15:44:00.000Z",
  "source": {
    "name": "Gulf Times Business",
    "slug": "gulf-times-business",
    "url": "https://www.gulf-times.com/article/737581/business/boe-raises-rates-for-first-time-since-2023-warns-another-move-likely"
  },
  "original_language": "en",
  "account": "The Bank of England (BoE) raised interest rates for the first time since 2023 on Thursday, warning that at least one more increase is likely if the US-Iran conflict persists. This move has placed Britain on a path followed by other major central banks. Inflation in the UK is expected to reach approximately 5% in mid-2024, more than double the central bank's target of 2%. Prime Minister Andrew Burnham faces pressure to address the cost of living crisis.\n\nThe BoE increased rates from 3.75% to 4%, with only one dissenting vote from Catherine Mann, who had previously criticized the central bank for being too cautious. Economist Madison Faller from JP Morgan Private Bank stated that the move was conservative rather than the beginning of an aggressive cycle, as inflation was high but evidence suggesting it was spreading beyond energy remained mixed.\n\nWhile positive news on oil prices, driven by the outcome of US midterm elections, was noted, BoE Governor Andrew Bailey emphasized that the significant inflationary pressures ahead necessitated the rate hike. He cautioned that it remains too early to assume the end of further rate increases. However, the BoE's outlook for inflation has been revised upwards, with peak inflation now forecast at 4.8% in the second quarter of 2028, six months later than initially predicted.",
  "summary": "The Bank of England raised interest rates for the first time in over three years on Thursday and warned that at least one more increase was likely if the US-Iran conflict continues, as it started on a...",
  "key_points": [
    "Bank of England raises rates to 4% for first time since 2023",
    "Inflation expected to reach 5% in mid-2024, double central bank's target",
    "BoE warns another rate increase likely if US-Iran conflict persists"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "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."
}