Bank of England hikes rates to 4% and warns more to come if Iran war continues
Summary
The Bank of England's Monetary Policy Committee decided at its latest meeting to increase the Bank's base rate to 4% from 3.75%, the Evening Standard and The Independent reported on Thursday 5 November, headlining that the Bank warns of more to come if the Iran war continues. The widely expected move was the first rise since August 2023, as the Iran war continues to put upward pressure on energy costs, The Guardian reported, and City A.M. wrote that all policymakers agreed to tighten monetary policy in a bid to stop inflation from spiralling in the next year, policymakers warning another hike could come. Borrowers on tracker deals face a typical £30 rise in payments, The Independent reported, Wales Online and the Bristol Post writing that 510,000 people in the UK face an immediate £30 extra cost.
Latest: The Bank of England raised its base rate to 4% from 3.75%, the first rise since August 2023, as the Iran war continues to put upward pressure on energy costs, The Guardian reported, all policymakers agreeing to the hike according to City A.M., the Evening Standard and The Independent headlining that the Bank warns of more to come if the Iran war continues, and borrowers on tracker deals face a typical £30 rise in payments, The Independent reported.
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How it unfolded
Thursday 5 November
The Bank of England raised its base rate to 4% from 3.75%, the first rise since August 2023, as the Iran war continues to put upward pressure on energy costs, The Guardian reported, all policymakers agreeing to the hike according to City A.M., the Evening Standard and The Independent headlining that the Bank warns of more to come if the Iran war continues, and borrowers on tracker deals face a typical £30 rise in payments, The Independent reported.
- 13:00Evening Standard Bank of England hikes interest rates for first time since 2023
- 11:19The Telegraph Bank of England raises interest rates for first time in three years
- 10:59Evening Standard Bank of England hikes interest rates for first time since 2023 as inflation surges
- 09:37The Independent Mortgage payments rise for thousands as Bank of England hikes base rate
- 08:55The Independent Interest rates hiked for first time in more than three years – but Bank of England cautious for next step
- 08:10Bristol Post Immediate £30 extra cost for 510,000 in UK after bank decision today
- 08:05Wales Online 510,000 in UK face immediate £30 extra cost after bank decision today
- 08:00The Independent Mortgage misery as borrowers on tracker deals face typical £30 rise in payments
- 07:55Evening Standard Mortgage misery as borrowers on tracker deals face typical £30 rise in payments
- 07:45Manchester Evening News Bank of England issues interest rates warning after first rise in three years
- 07:32Euronews Bank of England raises key interest rate for first time in over 3 years
- 07:10Evening Standard Bank hikes interest rates to 4% and warns more to come if Iran war continues
- 07:08The Independent Bank hikes interest rates to 4% and warns more to come if Iran war continues
- 07:05Wales Online Blow for millions as Bank of England raises interest rates
- 07:04City A.M. Bank of England hikes interest rates to four per cent in unanimous vote
- 07:00The Guardian Bank of England raises interest rates to 4%, the first increase for more than three years
- 09:18Financial Times SubscribersBoE raises interest rates to 4% in bid to tame inflation
- 07:44Financial Times SubscribersBank of England raises rates to 4 per cent alongside hawkish inflation forecasts