Bank of England raises interest rates to 4% in first hike since mid-2023

• The Bank of England's Monetary Policy Committee voted unanimously on Thursday 5 November to raise the base rate by a quarter point to 4%, the first increase since mid-2023, with Catherine Mann arguing for a larger 0.5-point rise. • Policymakers warned inflation could hit 4.9% by the middle of next year on the back of the Middle East conflict's energy price shock, and only fall back to the 2% target in late 2028. • Governor Andrew Bailey said the rise 'shouldn't be seen as the first in an inevitable long sequence of hikes' but is unlikely to be the last unless the conflict is resolved;...