Bank of England raises Bank Rate to 4%

The Bank of England's Monetary Policy Committee "voted by a majority of 8–1 to increase Bank Rate by 0.25 percentage points, to 4%." One member voted to raise it to 4.25%. It said UK CPI inflation "increased to 3.5% in September" and "is now expected to rise to around 5% by the middle of next year," citing higher global energy prices.