Bank holds base rate at 4% ahead of Budget

The Bank of England has kept the base rate unchanged at 4% in a narrow 5–4 vote, with four Monetary Policy Committee (MPC) members preferring a cut to 3.75%. The decision, widely expected with the Budget only weeks away, reflects a cautious stance as inflation...

HMRC interest rates to fall from 28 May

HMRC will reduce its late payment and repayment interest rates from 28 May, following the Bank of England’s decision to cut the base rate to 4.25% on 8 May. The late payment interest rate will drop from 8.5% to 8.25% – still the highest level since 2000. The repayment...