Bank of England raises interest rates to 4%, the first increase for more than three years
The Guardian reports the Bank of England raised its base rate from 3.75% to 4%, its first increase in more than three years, to combat rising inflation after UK consumer prices hit 3.5% in September, well above its 2% target. It says the move was widely expected, links oil prices above $100 to the Iran war, and warns higher rates could hit more than 2 million mortgage borrowers refinancing over the next year.
