Bank of England raises rates for first time since 2023, warns another move likely - The Business Times

Looming inflation from months of high energy prices requires an immediate rate hike, says central bank [LONDON] The Bank of England (BOE) raised interest rates for the first time in over three years on Thursday (Nov 5). It warned that at least one more increase was likely if the US-Iran conflict continues, as it started on a path that its main peers have already embarked on. British inflation is likely to reach around 5 per cent in the middle of 2027, the BOE said, more than double the central bank’s target and a blow to Prime Minister Andy Burnham, who has sought to ease cost of living pressures.