The Aporia
The Aporia
Wise, A. (2026, November 5). Bank of England set to hike interest rates to 4% to tackle rising inflation. Evening Standard. https://www.standard.co.uk/business/business-news/bank-of-england-mpc-us-federal-reserve-middle-east-investec-b1303637.html
Wise, Anna. “Bank of England set to hike interest rates to 4% to tackle rising inflation.” Evening Standard, 5 Nov. 2026, https://www.standard.co.uk/business/business-news/bank-of-england-mpc-us-federal-reserve-middle-east-investec-b1303637.html.
Wise, Anna. “Bank of England set to hike interest rates to 4% to tackle rising inflation.” Evening Standard, November 5, 2026. https://www.standard.co.uk/business/business-news/bank-of-england-mpc-us-federal-reserve-middle-east-investec-b1303637.html.
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As of November 5, 2026, the Bank of England increased interest rates from 3.75% to 4%, marking the first rate hike since August 2023. This decision was made by the Monetary Policy Committee (MPC) in response to rising inflation driven primarily by high energy costs and petrol prices. Economists predict further quarter-point increases over the next year, totaling four hikes, which could affect more than 2.3 million UK households who are due to remortgage from fixed-rate deals in 2027. The hike is expected to exacerbate financial pressures on borrowers already struggling with higher energy and food bills, as Ofgem’s energy price cap rose by 3.6% for a typical household in October and is forecasted to jump by an additional 22% in January.
