Update
Bank of England Raises Interest Rates to 4%
The Bank of England raised its benchmark interest rate by 25 basis points to 4% on November 5. Eight policymakers supported the increase to 4%, while Catherine Mann preferred a larger, 50-basis-point move to 4.25%. The Bank projected UK consumer-price inflation around 5% in the second quarter of 2027, following September's 3.5% reading. UK borrowing costs were already rising, with two-year mortgage rates increasing nearly 50 basis points since September.