Bank of England lifts policy rate to 4% amid inflation and geopolitical risks
The Bank of England raised its policy rate by 25 basis points to 4% and released its Monetary Policy Report, with Governor Andrew Bailey warning that further hikes may be needed if geopolitical tensions persist. The decision followed weeks of speculation that the central bank would lift rates in early November.
The Independent reported expectations of a 4% increase on 5 November, and analysts cited by ing think anticipated a vote for a hike at that meeting because of rising energy costs. CNBC and the Guardian confirmed the increase, the latter linking it to higher oil prices stemming from the Iran conflict.