Bank of England lifts Bank Rate to 4% on an 8-1 vote of its Monetary Policy Committee

5 November 2026

The Bank of England has put its main interest rate up. At the meeting that ended on 4 November 2026, the Monetary Policy Committee chose by a majority of 8 to 1 to add 0.25 percentage points to Bank Rate, taking it to 4%. The single member in the minority wanted a larger step of 0.5 percentage points, which would have made the rate 4.25%. Bank Rate is the rate the Bank of England pays on reserves held with it by commercial banks, and it steers the rates those banks offer savers and borrowers. The Committee pointed to global energy prices climbing further and to UK consumer price inflation reaching 3.5% in September, which it expects to touch about 5% by the middle of next year. The Bank is required to bring consumer price inflation back to its 2% target over the medium term. The Committee said policy is not fixed in advance and that it will weigh fresh evidence at every meeting. Its next decision on Bank Rate is listed for 17 December 2026.