@channelstv: The Bank of England raised its benchmark interest rate to four percent on Thursday, the first increase in more than three years, as soaring energy costs push up global inflation. The central bank tightened borrowing costs by a quarter point, catching up with the US Federal Reserve and the European Central Bank in lifting rates since the start of the Middle East conflict. “There is now enough inflationary pressure in the pipeline caused by the rise in energy prices, that an increase in Bank Rate is warranted,” BoE governor Andrew Bailey said in a statement.

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Thursday 05 November 2026 16:30:22 GMT