11 November 2024
The Bank of England’s Monetary Policy Committee (MPC), on 7 November 2024, reduced the Bank Rate to 4.75%.
This was decided to reflect “the continued progress of disinflation”, inflation now stands at 1.7%. Eight members voted to reduce the rate by 0.25 percentage points, with only one member of the MPC voting in favour of the rate remaining at 5%.
The HM Revenue and Customs late payment interest rates will change accordingly in the near future, with additional impacts on this rate being brought forward in April next year.
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