03 August 2023

The bank of England Monetary Policy Committee (MPC) has announced that the bank rate will be increased to 5.25%.

The MPC voted six to three for this increase, with two of the minority instead preferring an increase to 5.5% instead and one wishing to maintain the rate at 5%.

The next announcement will take place on 21 September 2023.

As with recent increases to the bank rate, we will need to be aware of changes to HM Revenue and Customs’ (HMRC’s) late payment interest fees, which will rise by the same increase.

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