Information checked: Thursday, November 5, 2026, 1:13 p.m. Greenwich Mean Time (GMT, UTC+00:00; 13:13 UTC). The United Kingdom is on GMT, not British Summer Time, on this date.
The Bank of England raised Bank Rate by 0.25 percentage points to 4.00% on November 5, 2026, from 3.75%. Its Monetary Policy Committee voted 8–1 for the move, with the dissenting member preferring a larger increase to 4.25%. The new benchmark is immediately important for UK households with tracker mortgages, people approaching a mortgage renewal, prospective borrowers and savers checking whether their bank changes its rates. The decision does not mean every mortgage, loan or savings account will automatically move by 0.25 percentage points.
The Bank cited inflation risks associated with prolonged increases in energy prices. The November decision follows September's decision to hold rates at 3.75%. What happens to individual customers now depends on product terms, the date a deal expires, funding costs and each lender's pricing decisions. The next scheduled Monetary Policy Committee announcement is December 17, 2026; that date is not a forecast of another increase.
The Bank of England base rate, formally called Bank Rate, is 4.00% as of November 5, 2026. The Monetary Policy Committee sets this benchmark to help return inflation sustainably to the UK's 2% target. It influences the costs banks face when funding or placing money, and therefore helps shape borrowing and deposit rates across the economy.
Bank Rate is not the mortgage rate on a customer's statement, the annual percentage rate (APR) on a credit card, or the annual equivalent rate (AER) on a savings account. Those products have separate pricing and conditions. The Bank of England's own policy announcement provides the primary record of the November decision: Bank of England November 2026 monetary policy decision. The central bank's home page also displays its current benchmark and the next scheduled decision: Bank of England official website.
A tracker mortgage usually follows Bank Rate plus an agreed margin. If the contract tracks the benchmark one-for-one, a rise from 3.75% to 4.00% raises the borrower's contractual rate by 0.25 percentage points, subject to any cap, floor and lender notice provisions. The payment may change from the next applicable adjustment date rather than the instant the decision is announced.
Borrowers on an existing fixed-rate deal generally keep the contracted interest rate until the fixed period expires, even when Bank Rate changes. But new fixed mortgage offers do not simply equal Bank Rate plus a fixed markup: lenders also take account of wholesale swap rates, funding conditions, competition, loan-to-value ratios and borrower circumstances. A homeowner whose deal ends soon may therefore face a different rate even if subsequent MPC meetings leave Bank Rate unchanged.
A lender's standard variable rate can change following a Bank Rate decision, but lenders set their SVRs independently. An SVR customer should check the lender's notice rather than assume an exact 0.25-point movement. The MoneyHelper guide to mortgage interest-rate options explains the differences among trackers, fixed deals, SVRs and discounted variable products.
Illustrative repayment calculation, not a lender quote: On a £200,000 repayment mortgage with 25 years remaining, an annual interest rate of 4.50% produces a payment of about £1,111.66 per month; at 4.75% it is about £1,140.23 per month, an increase of approximately £28.57. This assumes standard monthly amortization, no fees, no overpayments and the same remaining term. Actual changes vary with the balance, repayment structure and mortgage terms.
Existing fixed-rate personal loans are normally insulated from later Bank Rate moves because the interest rate was agreed when the loan began. Newly advertised personal loan rates may rise as lenders revise pricing, though credit scores, loan size, term and individual eligibility still matter.
Credit cards and overdrafts often have variable pricing, but their APRs are not normally automatic trackers of the central bank benchmark. A lender may revise rates for different reasons and must follow applicable notification and contract rules. Borrowers comparing new offers should examine the representative APR, fees and total repayment amount rather than Bank Rate alone. See MoneyHelper guide to preparing for an interest-rate rise for consumer-oriented guidance.
A Bank Rate increase can encourage banks and building societies to offer higher deposit rates, particularly on variable-rate easy-access accounts. There is no guarantee that a provider will raise your account's AER by the same 0.25 percentage points, or pass the increase along at all. Competitive pressure, the provider's funding needs and account terms influence the outcome. Existing fixed-rate savings bonds generally retain their agreed rate until maturity.
As a simplified example, if a bank raised the annual rate paid on a constant £10,000 balance by the full 0.25 percentage points for an entire year, the additional interest would be about £25 before tax, ignoring compounding and balance changes. This is an illustration of the rate difference, not a claim that any named bank has increased its accounts by that amount.
Check the AER, introductory bonuses, minimum balances, withdrawal limits and any penalties. MoneyHelper's MoneyHelper savings-account comparison guidance explains why comparing account terms matters as much as comparing headline rates. UK savers should also consider whether their interest may be taxable and whether an appropriate Cash ISA is suitable for their circumstances.
The November policy decision reflects concern that elevated energy prices could feed into broader UK inflation and price-setting behavior. The Bank's mandate is to bring inflation back to 2% over time, not to directly control global energy costs. By making many forms of borrowing more expensive and potentially improving returns on saving, higher interest rates can restrain demand and reduce pressure on prices. Those effects work with delays and vary across the economy.
The MPC's 8–1 vote is a confirmed policy outcome, whereas the future direction of inflation and rates remains uncertain. A further increase is possible if inflation pressures persist; rates could instead stabilize or eventually fall if conditions ease. Neither outcome is guaranteed by the November vote.
Households struggling with mortgage payments should speak to their lender promptly, before missing a payment, and consult the FCA guidance on mortgage payment support. Lenders may have support options depending on circumstances; choosing a mortgage change can affect the total amount repaid, so examine the consequences before agreeing to it.
The next scheduled Bank of England interest-rate announcement is Thursday, December 17, 2026. For this November update, the time of the rate announcement was noon in London, GMT (UTC+00:00), equivalent to 12:00 UTC. The UK returned to standard time in late October, so using British Summer Time (UTC+01:00) for a November event would be incorrect.
Watch for individual mortgage and savings repricing notices, as well as the next MPC assessment of inflation, wages and economic activity. The November increase is confirmed; any specific change in a lender's product rates should be treated as unverified until the provider publishes its own terms.
It is 4.00% following the November 5, 2026 decision to raise Bank Rate from 3.75% by 0.25 percentage points.
Normally not during your agreed fixed-rate period. Your payments may change when the fixed deal ends and you move onto a new rate, so check your contract and renewal options.
No. Variable savings rates are set by each provider, and an increase may be smaller than the Bank Rate rise or may not occur. Fixed savings rates normally remain unchanged for their contracted term.
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