Bank of England lifts interest rate to 4% in first hike in more than three years

The Bank expects inflation to hit 5% by mid-2027 as the Iran war pushes up energy prices.

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Interest rates increased to 4% - with high inflation and another hike likely | ITV News

TLDR

The 0.25-percentage-point rise follows September inflation of 3.5%, well above the Bank’s 2% target. Higher energy and fuel prices amid the Iran conflict are driving the pressure. Bank of England Governor Andrew Bailey said at least one more increase should be expected, but cautioned against assuming a long series of hikes.

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