02 November 2023

The Bank of England (BoE) has announced that it will leave the bank rate as unchanged at 5.25%.

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. The MPC voted six to three to maintain at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%.

Payroll professionals should bear in mind that due to this change, HM Revenue and Customs (HMRC) will uplift and revise the late payment and repayment interest rates in accordance with their guidance.

Keep a look out for the next update due on the 14 December 2023.

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