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 …

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

UK inflation drops less than expected to 3.2%

Food price rises are slowing but rate cut decision still several months away if figures remain where they are. UK consumer prices index (CPI) inflation slowed less than expected to 3.2% in March, raising the prospect that a rate cut will take longer than predicted. Although the March figure is the smallest monthly inflation rise for two-and-a-half years, it is …

Retirement ProfessionalsUK inflation drops less than expected to 3.2%

Bank of England votes 8-1 to hold interest rates at 5.25%

The Bank’s Monetary Policy Committee has held rates for a fifth consecutive time. The Bank of England’s Monetary Policy Committee has voted 8-1 to maintain Bank Rate at 5.25%. One member voted to reduce Bank Rate by 0.25 percentage points, to 5%. Interest rates have now been at 5.25% since August 2023, with many economists predicting that rates will begin …

Retirement ProfessionalsBank of England votes 8-1 to hold interest rates at 5.25%

UK inflation falls to 3.4%

Inflation came in below economists’ forecasts of 3.5%. UK inflation has fallen to the lowest level seen since September 2021, with the annual rate falling from 4.0% in December and January to 3.4% in February. The ONS data shows that core CPI inflation (stripping out energy, food, alcohol and tobacco) was 4.5%, down from 5.1% in January, while food inflation …

Retirement ProfessionalsUK inflation falls to 3.4%

Spring Budget 2024:  New British ISA to launch with extra £5k allowance for UK assets

Jeremy Hunt is aiming to invigorate UK public markets with an additional £5,000 ISA allowance. Jeremy Hunt has introduced a new British ISA in his Spring Budget, which will allow an additional £5,000 ISA allowance for investment in ‘promising UK businesses’. The new ISA allowance will sit alongside the £20,000 that can be invested across other ISA wrappers currently available. …

Retirement ProfessionalsSpring Budget 2024:  New British ISA to launch with extra £5k allowance for UK assets

Spring Budget 2024: Government cuts National Insurance by further 2p

The latest reduction follows a cut from 12% to 10% announced at the Autumn Statement last year. Chancellor Jeremy Hunt has announced a 2 percentage point cut to the the main rate for employee National Insurance from 10% to 8%. The move to take another 2p off the Class 1 rate, expected to cost the government around £10 billion, doubles …

Retirement ProfessionalsSpring Budget 2024: Government cuts National Insurance by further 2p