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Bank of England raises interest rate to 4% as energy costs fuel inflation
The Bank of England has raised its benchmark interest rate by 0.25 percentage points to 4%, following a Monetary Policy Committee vote on 4 November. The Bank cited rising global energy prices and warned that UK inflation, which reached 3.5% in September, could approach 5% by the middle of 2027. The decision is intended to contain inflationary pressure, although higher borrowing costs will add to the financial burden on households and businesses.
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