The Bank of England raises its interest rate by 0.25 percentage points to 4% in an 8-1 vote, marking its first rate hike in more than three years. Eight policymakers supported an increase of 0.25 points. Catherine Mann voted for a larger increase of 0.5 points to 4.25%. - Inflation: the consumer price index of 3.5% (September); 5% is expected by mid-2027 compared to a target of 2%. The Bank of England warns that rising energy prices are increasing the pressure on UK households through higher costs of motor fuel and electricity bills. Businesses also face higher operating costs, which can ultimately be passed on to consumers through higher prices.

The Bank of England raises its interest rate by 0.25 percentage points to 4% in an 8-1 vote, marking its first rate hike in more than three years. Eight policymakers supported an increase of 0.25 points. Catherine Mann voted for a larger increase of 0.5 points to 4.25%. - Inflation: the consumer price index of 3.5% (September); 5% is expected by mid-2027 compared to a target of 2%. The Bank of England warns that rising energy prices are increasing the pressure on UK households through higher costs of motor fuel and electricity bills. Businesses also face higher operating costs, which can ultimately be passed on to consumers through higher prices.