Week 43 · 2026 19 Oct – 25 Oct 2026
Published 24 Oct 2026 Autumn Budget Week: BoE Holds at 3.75% as UK CPI Ticks to 3.5%
Chancellor John Healey delivers the Autumn Budget on 28 October 2026 as the Bank of England holds at 3.75%. UK CPI rose to 3.5% in September (ONS, 16 Oct 2026), above the 3.3% consensus, narrowing market expectations for a November cut.
Bank Rate 3.75% Cut 25bps on 19 Sep 2026 (BoE MPC)
UK CPI 3.5% +0.4pp from Aug 2026 (ONS, 16 Oct)
US 10Y Yield 4.24% FRED DGS10, 24 Oct 2026
GBP / USD $1.3368 Mid-market, 24 Oct 2026
Key Developments This Week
- ▸ Bank of England Bank Rate holds at 3.75% after the 25bps cut on 19 September 2026 (BoE MPC decision). ONS reports UK CPI at 3.5% for September 2026, up from 3.1% in August.
- ▸ The UK Autumn Budget on 28 October 2026 will address income tax threshold freezes extended to 2031. The OBR projects this will push an additional 3.2m workers into the higher-rate band by 2028.
- ▸ US 30-year fixed mortgages averaged 6.44% in the week of 17 Oct 2026 (source: Freddie Mac Primary Mortgage Market Survey). The 10-year Treasury yield stood at 4.24% (source: FRED DGS10, 24 Oct 2026).
- ▸ The cash ISA annual allowance is £20,000 for 2026/27. A proposed £12,000 cap for under-65s from April 2027 is pending legislation; the current allowance is unaffected until then.