19 March 2026
The Bank of England’s Monetary Policy Committee (MPC) voted to maintain the bank base rate at 3.75%.
The Committee voted unanimously to maintain the current Bank Rate.
For payroll professionals, it is good to be aware of the impact this announcement has on HM Revenue and Customs’ (HMRC’s) late payment interest charges.
HMRC interest rates are set in legislation and are linked to the Bank of England base rate, these rates are:
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late payment interest – set at base rate plus 2.5%
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repayment interest – set at base rate minus 1%, with a lower limit of 0.5%.
The next Bank of England announcement is set for 30 April 2026.
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