Bank Of England Raises Interest Rate

Yesterday the Bank of England announced it is raising its base rate by 0.5 percentage points to 3.5% - the highest in 14 years.

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target to help sustain growth and employment.

The Bank of England Reported:

“At its meeting ending on 14 December 2022, the MPC voted by a majority of 6-3 to increase Bank Rate by 0.5 percentage points, to 3.5%.”

“The majority of the Committee judges that, should the economy evolve broadly in line with the November Monetary Policy Report projections, further increases in Bank Rate may be required for a sustainable return of inflation to target.”

HM Revenue and Customs (HMRC) will uplift and revise the late payment and repayment interest rates in accordance with their guidance.

At Styles & Associates we can help file prompt and accurate tax returns to ensure you pay your tax bill on time - avoiding the additional late repayment interest rate rise.

For further information of Self Assessment Tax Returns and Corporation Tax, contact us at: info@stylesandassociates.co.uk

Source: The Bank Of England

Bank Of England Raises Interest Rate