14 December 2023

The Bank of England’s Monetary Policy Committee (MPC) has announced that, for the third time in a row, the bank rate will be held 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 the three members instead preferring an increase of 0.25 percentage points up to a total of 5.5%. While it is promising to not see further rises, we are not out of the woods of high interest rates just yet.

The CPI figures are due to be released on 20 December 2023, could this impact the next bank rate decision, which is due on 1 February 2024?

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