# Christmas mortgage misery as BoE poised to hike interest rates today – wiping out Labour’s cost of living help – despite oil price tumbling after Trump midterms meltdown

- URL: https://talkfuse.com/story/christmas-mortgage-misery-as-boe-poised-to-hike-interest-rates-today-wiping-out-labours-cost-of-living-help-despite-oil-price-tumbling-after-trump-midterms-meltdown/
- Published: 2026-11-05T10:14:51+00:00
- Updated: 2026-11-05T10:21:17+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/news/article-16267609/Christmas-mortgages-economy-tax-rates-Trump-midterms.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: Business, Economy, Elections, Government, Politics, World

## Key points

- Bank rate was expected to rise to 4 per cent.
- Tracker mortgage payments could increase by about £31 monthly.
- Inflation reached 3.5 per cent, above the 2 per cent target.

## Summary

The Bank of England was widely expected to raise its base rate by 0.25 percentage points to 4 per cent, the first increase since August 2023. The rise would add to mortgage costs for many households and could offset some of the cost of living support announced in Labour’s Budget.

Typical tracker mortgage payments could increase by about £31 a month, while variable-rate deals could rise by around £14. The move was anticipated despite Brent crude falling to about $95 a barrel from $115 before the US midterm elections; UK inflation reached 3.5 per cent in September, above the Bank’s 2 per cent target, and energy costs were expected to add to price pressures. Unemployment was 4.7 per cent in the three months to August, while the economy grew by 0.1 per cent that month.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.