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 …

UK inflation slides to 2.3%

Inflation fell sharply to a near three-year low in April thanks largely to lower energy prices, according to the Office for National Statistics. UK inflation has fallen sharply to its lowest level in nearly three years. According to the Office for National Statistics (ONS), consumer price index (CPI) inflation fell to 2.3% in April from 3.2% in March. Cooler energy …

UK economy exits recession on Q1 GDP growth

UK’s gross domestic product grew by 0.6% between January and March. The UK has exited a short-lived technical recession after official figures showed better-than-expected growth in the first quarter. GDP increased by 0.6% between January and March, according to data from the Office for National Statistics (ONS), beating some economists’ expectations of a 0.4% lift. The rise – an estimate …

Bank of England votes 7-2 to hold interest rates at 5.25%

The Bank’s Monetary Policy Committee has held rates for a sixth consecutive time. The Bank of England’s Monetary Policy Committee has voted 7-2 to maintain Bank Rate at 5.25%, with two members preferring to reduce Bank Rate by 0.25%. One more member for a rate cut compared to March’s meeting, where the vote was 8-1. Interest rates have now been …

Inheritance tax receipts hit a record of £7.5bn as 2023/24 year ends

‘IHT is the tax gift that keeps on giving as record receipts have been banked’ New inheritance tax (IHT) data published today (23 April) shows the government raked in a total of £7.5bn in 2023/24 – a £4m increase on the tax year prior. This represents the highest value ever recorded and continues the upward trend of the last two …