The Bank of England has increased Bank Rate to 4%, according to its November 2026 Monetary Policy Summary and Minutes, published on 5 November 2026.
What happened
Bank Rate is the Bank of England’s main interest rate. It is the benchmark for the cost of borrowing in the United Kingdom. The Bank’s published title for the decision states that the rate has been increased to 4%.
The decision was made by the Bank’s Monetary Policy Committee, the group responsible for setting Bank Rate. You can read more in our explainer on the Monetary Policy Committee (MPC).
What it means for you
A higher Bank Rate generally feeds into what banks charge on loans and pay on savings in the UK, though the pace and extent vary by lender. The source summary does not give details of the vote or the size of the previous rate, so this article does not go beyond the confirmed rate of 4%.
If you are an Indian living in the UK, or you send money between the UK and India, the rate decision may be relevant to your borrowing and savings there. You can check transfer amounts with the Currency Converter.
Background
The Monetary Policy Committee publishes a summary and minutes after each of its policy meetings. These documents set out the decision and the discussion behind it. The full November 2026 minutes are available on the Bank of England’s website.
