The Bank of England raised its key rate by 25 basis points to 4%, its first hike since August 2023. The Monetary Policy Committee voted 8–1 for the quarter-point rise, with the dissenting member preferring a 50-basis-point increase to 4.25%. Policymakers said the Middle East conflict is now in its ninth month and global energy prices keep rising, and they expect UK inflation to reach about 5% by mid-2027 before falling as energy effects fade. Markets had priced in over a 99% chance of the hike and about a one-in-four chance of another in December, after UK annual inflation rose to 3.5% in September.
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interest ratesinflationUKpound sterlingGBPUSD
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Related tickers and likely impact
GBP/USD
▲ Likely positiveRelevance: high
| Market | Currencies |
|---|---|
| Close on 11/04/2026 | 1.34722 |
| Change that session | +0.43% |
DXY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 11/04/2026 | 101.53 |
| Change that session | -0.33% |
XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 11/04/2026 | 4,060.57 |
| Change that session | +3.32% |
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- Bank rate increased to 4% - November 2026 Monetary Policy Summary and Minutes
On 4 November 2026, the Monetary Policy Committee (MPC) voted 8–1 to raise Bank Rate by 0.25 percentage points to 4%, while one member voted for a 0.5 percentage point increase to 4.25%. The conflict in the Middle East, now in its ninth month, has kept global energy prices rising. UK CPI inflation rose to 3.5% in September and is now expected to reach around 5% by mid next year before falling; although knock-on effects on other prices and wages remain limited, the inflationary pressure in the pipeline was judged sufficient to warrant a rate rise, and activity data have been stronger than expected. The minutes show that Brent crude and UK natural gas futures averaged $108 per barrel and 216 pence per therm over the 15 UK working days to 27 October, 38% and 81% higher than at the July Monetary Policy Report. Policy is not on a pre-set path, and the Committee will keep assessing the evidence at each meeting, particularly whether high energy prices feed through to other prices and the wider economy.
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