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Bank of England raises rates to 4%
The Bank of England raised interest rates to 4%, its first rise since 2023. Mortgages, credit cards and loans may cost more for millions. One homeowner told the BBC her mortgage would rise by £200.
Why it matters
Higher rates raise borrowing costs for UK households and businesses.
Background
The bank sets rates to control inflation. Energy prices have risen since the Gulf war began.
The story so far
- UK interest rates expected to rise for first time in three years
- Bank of England raises rates to 4%
- Bank of England raises rates to 4%
- Think tank warns Bank of England rise too timid
Sources
- BBC Business ↗Nov 6, 8:41 PM ET
- BBC Business ↗Nov 6, 4:21 AM ET
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