21 September 2023

The Bank of England’s Monetary Policy Committee (MPC) has elected to have the base rate remain at 5.25%. This brings to an end 14 successive increases.

The MPC, however, were divided on this decision, with five members voting to keep the rate the same and four members instead preferring an increase of 0.25 percentage points.

This announcement means that HM Revenue and Customs’ (HMRC’s) late payment interest fee will also remain steady.

The next announcement from the Bank of England will be due on 2 November 2023, just under three weeks before the autumn statement is due.

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