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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Related tickers and likely impact
GBP/USD
▲ Likely positiveRelevance: high
| Market | Currencies |
|---|---|
| Close on 11/04/2026 | 1.34722 |
| Change that session | +0.43% |
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