Bank of Family deposit contributions to hit record high of £9.2 billion

Family gifting is now funding 42% of all homes purchased by buyers under 55. Financial gifts from the ‘Bank of Family’ to support home purchases are projected to reach £9.2 billion this year and fund 42% of all homes purchased by buyers under 55, according to new research from Legal & General and the Centre for Economics and Business Research …

Bank of England cuts interest rates to 5%

The Bank’s Monetary Policy Committee has reduced rates for the first time since 2020. The Bank of England’s Monetary Policy Committee has voted 5-4 to reduce Bank Rate to 5% – the first reduction since the early days of the Covid-19 pandemic in March 2020. Four members preferred to maintain Bank Rate at 5.25%. This month marks a full year …

IHT take up again as firms chew over potential Labour reforms

HMRC reveals inheritance tax receipts up £83m to £2.1bn Speculation over how Labour will tackle Inheritance Tax (IHT) continues to abound, with take up again for the latest reported quarter. IHT receipts hit £2.1bn for April 2024 to June 2024, representing an £83m increase on the same period the prior year, as per HMRC official figures. It remains to be …

Government raises £701m from inheritance tax receipts in May

‘Neither of the two main political parties have mentioned it’ A lucrative May means inheritance tax (IHT) receipts have hit £1.4bn in just the first two months of the 2024/25 financial year, HM Revenue and Customs figures show. Latest data today (21 June) confirms the hotly debated tax raised £701m in May, meaning the tax take so far for the …

Bank of England’s MPC holds interest rates in 7-2 vote

The Bank’s Monetary Policy Committee has held rates for a seventh consecutive time. The Bank of England’s Monetary Policy Committee has voted 7-2 to maintain Bank Rate at 5.25%, despite inflation falling to the Bank’s 2% target. Two members preferred to reduce Bank Rate by 0.25%, the same as the previous month. The Committee noted that CPI inflation is expected …

Inflation falls to Bank of England’s target of 2%

Inflation has returned to target for the first time in almost three years. CPI inflation fell to the Bank of England’s 2% target in May, down from 2.3% in the previous month, the latest ONS figures show. CPI last hit 2% in July 2021, almost three years ago, and has fallen from its peak of 11.1% in October 2022. On …