01 February 2024

The Bank of England’s Monetary Policy Committee (MPC) has announced that the bank base rate will be held again at 5.25%.

This will mean no changes are required to HM Revenue and Customs’ (HMRC’s) late payment interest fees.

The MPC voted six to three in favour of keeping the bank rate the same, with two members preferring an increase of 0.25 percentage points up to a total of 5.5%, and one member preferred to reduce the bank rate by 0.25%, to 5%.

With the next CPI rate due to be released on 14 February 2024, and the spring budget due on 6 March. Will this have an impact on the next bank rate decision, which is due on 21 March 2024?

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