Bank of England raises policy rate to 4%, first increase since August 2023
The Bank of England announced a 0.25 percentage-point increase in its policy rate to 4% on November 5, its first increase since August 2023 and in line with market expectations. One voting committee member favored a larger, 0.5 percentage-point increase. Governor Bailey said this was unlikely to be the last increase unless the situation in the Middle East was resolved.