Bank of England Hikes Interest Rates

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 1 Nov

   Bank of England expected to raise interest rates for first time since 2023

   4 outlets · Evening Standard
2. 2 Nov

   Before the war in the Middle East, the Bank had been expected to cut interest rates several times this year, with inflation expected to drift back down towards its 2% target.

   2 outlets · The Guardian
3. 4 Nov

   Furthermore, the economy unexpectedly grew in August, by 0.1%, suggesting resilience in the UK despite pressure on consumer spending and wider volatility because of the Iran war.

   2 outlets · Evening Standard
4. 5 Nov

   Inflation rose 3.5 per cent in the 12 months to September, according to the latest figures from the Office for National Statistics, well above the Bank of England's 2 per cent annual inflation rate target.

   3 outlets · Daily Mail

Coverage 15 articles

• 5 Nov Bank of England hikes interest rates for first time since 2023 as inflation surgesThe Bank of England raised interest rates to 4% from 3.75%, the first increase since August 2023, due to surging inflation expected to reach around 5%. The Monetary Policy Committee cited rising energy and fuel costs linked to the Iran war as reasons for the hike. Governor Andrew Bailey emphasized that unless the conflict is resolved soon, more rate hikes may follow. All committee members supported the increase…Evening Standard
• 5 Nov Bank of England raises interest rates for first time in three years: What the hike to 4% means for your mortgage and savingsThe Bank of England raised interest rates to 4% for the first time in over three years, following concerns over rising inflation and potential energy price shocks due to conflicts in Iran. The Monetary Policy Committee voted eight to one in favor of increasing the base rate by 0.25 percentage points from 3.75%, with expectations that rates could reach up to 5% by November next year if inflation continues to rise…Daily Mail
• 5 Nov Interest rate rise in midst of cost of living crisis will leave many incredulousThe Bank of England raised interest rates to 4%, increasing borrowing costs by 0.25 percentage points amid a cost-of-living crisis. This move contradicts the Office for Budget Responsibility's (OBR) prediction of lower inflation and economic growth, as the OBR expects CPI to peak at 3.75% and GDP growth at 1% in 2027, compared to the Bank’s estimates of 4.9% inflation and 1.6% growth. The OBR bases its assessment on…The Guardian
• 5 Nov Bank of England lifts rate for first time since 2023 to fight inflationOn Thursday, the Bank of England raised its benchmark interest rate to four percent, marking the first increase since August 2023 and aligning with actions by other central banks due to rising global energy costs. The decision follows a surge in inflation driven by conflicts in the Middle East and Ukraine-Russia tensions, causing record-high diesel prices worldwide. BoE Governor Andrew Bailey stated that while the…Dawn
• 5 Nov Faisal Islam: How high will interest rates go?Faisal Islam discusses recent interest rate hikes by the Bank of England, which have risen to 4%, with more increases possible. While three committee members suggest multiple future rises, others propose just one more increase in February. The article notes that inflation is expected to reach nearly 5% next spring due to a significant rise in energy bills, although the economic outlook has improved, with…BBC
• 5 Nov Bank of England raises interest rates to 4%, the first increase for more than three yearsThe Bank of England has increased interest rates from 3.75% to 4%, marking the first rate rise in three years, primarily to address inflation caused by the Iran war and its impact on oil prices. Eight out of nine Monetary Policy Committee (MPC) members voted for this increase, while one member suggested a larger hike. The Bank expects UK inflation to reach 4.9% by mid-2027 due to rising energy costs and food price…The Guardian
• 5 Nov Three ways the interest rate rise could affect youThe Bank of England has increased interest rates to 4% from 3.75%, marking the first adjustment in over three years. This change affects various aspects of personal finance: it may lead to reduced job opportunities and wage growth due to higher borrowing costs for businesses; offer better returns on savings, encouraging savers to switch accounts for better interest rates; and increase monthly payments for those with…BBC
• 5 Nov Christmas mortgage misery as BoE poised to hike interest rates today - wiping out Labour's cost of living help - despite oil price tumbling after Trump midterms meltdownThe Bank of England is expected to raise interest rates to 4% today, increasing monthly mortgage payments for many homeowners. For those on typical tracker mortgages, this hike will likely negate recent cost-of-living assistance announced by Labour. The rate increase comes as inflation reached an 11-month high at 3.5%, driven primarily by higher energy prices and oil costs, despite the latter dropping recently due…Daily Mail
• 5 Nov Bank of England set to hike interest rates to tackle higher inflation caused by Iran warThe Bank of England is set to raise interest rates for the first time in over three years on Thursday, increasing them from 3.75% to 4%, in response to inflation driven by the Iran war. Economists predict that with inflation expected to continue rising, the Monetary Policy Committee has no choice but to act now. This rate hike follows a previous increase in August 2023 and aims to address current economic pressures…Toronto Star
• 5 Nov Interest rates are set to rise: What will it mean for London mortgages?The Bank of England's Monetary Policy Committee is expected to raise interest rates from 3.75% to 4% on Thursday, marking the first increase since August. This hike would add approximately £50 per month to payments for a typical £350,000 tracker mortgage and could further elevate inflation due to an upcoming rise in energy prices. Economists warn that sustained high energy costs may lead to persistent higher…Evening Standard

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