21 March 2024

The Bank of England’s Monetary Policy Committee (MPC) has announced that the bank rate will be maintained at 5.25%. The committee saw eight votes to keep the rate at current levels and one vote to reduce the rate by 0.25 percentage points.

Payroll professionals should stay aware of this figure as it has direct impact on HMRC interest rates for late payments and repayments. More information can be found here.

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