Bank of England

Money Moves

Raised Bank Rate to 4% on November 5 on an 8-1 vote

UK wage growth held at 3.7% in the three months to August, the Office for National Statistics said. The Bank of England raised Bank Rate to 4% from 3.75% on November 5, its first increase in this stretch, as consumer price inflation reached 3.5% in September.

Updated 8 hours ago

Money Moves

Raised base rate to 4%

The Bank of England raised its benchmark interest rate to 4% on 5 November, the first increase since August 2023. Eight of the nine Monetary Policy Committee members backed the quarter-point move; Catherine Mann wanted a half-point.

Updated 4 days ago

Money Moves

Sets the Bank Rate that drives mortgage pricing

British house prices were flat in October and annual growth slowed to 0.5%, the weakest since January 2024, according to Nationwide. A separate Lloyds reading on 6 November showed the biggest annual fall since October 2023.

Updated 5 days ago

Money Moves

Published September Money and Credit data on October 29 showing mortgage approvals at their lowest since late 2023; markets see a November rate rise to 4% as near-certain

British households borrowed £2.7 billion in unsecured credit in August, revised up from a first estimate of £2.46 billion and a monthly record in the Bank of England's series, which began in 1993. In September, unsecured lending slowed to £1.9 billion, slightly below forecasts, but its annual growth rate reached 9.8%, the fastest since April 2018.

Updated Nov 1

New Capabilities

As of September 2026: Prefers tokenised deposits over stablecoins

Seven of Britain's biggest banks moved money between themselves using tokenised deposits for the first time on September 24. The transactions—two remortgage completions and a simulated online marketplace purchase—ran on a shared blockchain platform built by Quant for UK Finance's Great British Tokenised Deposit project.

Updated Sep 24

Money Moves

As of September 2026: Recipient of relocated Dutch gold

For decades, European central banks stored gold in New York because it was safest there. The Dutch central bank just moved 86 tonnes of it out, citing 'increasing geopolitical unrest.'

Updated Sep 6

New Capabilities

As of May 2026: Scheduling emergency CMORG meetings on Mythos risks with UK financial sector

An AI model that can find software flaws no human has caught in nearly three decades has triggered a coordinated response from central banks across the Western world. Anthropic's Claude Mythos Preview discovered thousands of previously unknown vulnerabilities in every major operating system and web browser, prompting Treasury and Federal Reserve to summon Wall Street executives to Washington on April 8. By April 11, the Bank of England, Bank of Canada, and their respective financial regulators had convened or scheduled their own emergency sessions with banks.

Updated May 31

Money Moves

As of May 2026: Cut Bank Rate to 3.75% but signaled the easing path is narrowing

This cut had courtroom drama energy. The Bank of England dropped rates to 3.75%—but only because Governor Andrew Bailey switched his vote and made it 5–4. The immediate market read was hawkish-by-UK-standards: sterling rose and gilt yields ticked higher as traders pared back expectations for rapid 2026 easing.

Updated May 15