Bank of England rate hike is largest in over 30 years

MPC forecasts prolonged downturn and says it does not foresee rates rising to 5.25%

Bank of England blue sky
Bank of England

The Bank of England’s monetary policy committee voted to raise rates by 75 basis points today (November 3), and said the UK was in recession.

The move was the UK’s largest hike for more than 30 years, and took the bank rate to 3%, but the MPC said it did not anticipate raising rates to the level predicted by financial markets.

“Further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets,” the MPC said

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account