Bank of England set to rise interest rates for first time since 2023

Interest rates are widely expected to rise to 4% from 3.75% when the Bank of England announces its next decision on Thursday November 5.

Traders in the financial markets are anticipating the increase, which would be the first time the central bank has raised borrowing costs since August 2023.

The move would come more than three years after the Bank last tightened policy, and borrowers could be facing a squeeze as a result.

Many economists think rate-setters will want to tackle rising inflation in the UK economy by tightening monetary policy.