The Bank of England is poised to raise interest rates for the first time since 2023, according to a Bloomberg survey of 35 economists. The poll, conducted between October 29 and 30, found unanimous agreement that the central bank will increase rates to 4% from the current 3.75%. This level has remained unchanged for the past 11 months.
All respondents expect the rate hike to occur on Thursday, marking a significant shift in monetary policy. The last adjustment was made in 2023, and this upcoming change signals a response to evolving economic conditions.
The survey reflects a consensus among economists that the Bank of England is ready to act, though specific reasons for the hike were not detailed in the report. The move could impact borrowing costs and investment decisions across the UK.