20 June 2024

The Bank of England’s Monetary Policy Committee (MPC) has decided to leave the bank rate at 5.25%.

The members of the committee voted seven to two in favour of keeping the rate the same. The minority instead seeking to reduce the rate by 0.25% to 5%.

This comes after the Office for National Statistics (ONS) released inflation data for May 2024 which shows CPI inflation down to the Bank of England’s targeted 2%. Despite this, the committee is anticipating an increase in inflation later in the year and would like to keep the bank rate at current levels until a sustained return to the target is seen.

As such, there will be no changes to HM Revenue and Customs’ (HMRC’s) late payment interest charges.

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