Bank of England raises bank rate to 3.5%

15 December 2022

The Bank of England has announced that the bank rate has been uplifted by 0.5%, now set at 3.5%.

The Monetary Policy Committee (MPC) voted six to three in favour of raising to 3.5%, with one member of the three voting to raise the bank rate to 3.75% instead.

The MPC’s remit is to utilise the bank rate to maintain inflation at a target of 2% per year.

HM Revenue and Customs (HMRC) will uplift and revise the late payment and repayment interest rates in accordance with their guidance. One more reason to ensure you pay your tax bill on time.

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