09 May 2024

The Bank of England’s Monetary Policy Committee (MPC) has announced that the bank base rate will be held again for the sixth time in a row at 5.25%.

This will mean no changes are required to HM Revenue and Customs’ (HMRC’s) late payment interest fees.

Seven members of the MPC voted to hold the interest rates, and two members voted to reduce the bank rate by 0.25 percentage points, to 5%.

The next CPI rate is due to be released on 22 May 2024, how will it impact the next bank rate decision, which is due on 20 June 2024?

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