Bank Rate Steady At 5.25% As Central Banks Push Pause Button

The Bank of England has left borrowing costs untouched for the second time in a row, as monetary policymakers around the world press pause in their fight against inflation. In a widely expected move, the Bank’s Monetary Policy Committee (MPC), voted 6-3 to maintain the Bank Rate at a 15-year high of 5.25%. The three in the minority voted to …

Bank of England holds rates at 5.25% after inflation falls

MPC in split decision after inflation unexpectedly fell in August The Bank of England (BoE) has paused its hiking cycle and opted to keep interest rates at the current level of 5.25% after inflation unexpectedly fell in August. It was a tight split decision by the Bank, with five members of the Monetary Policy Committee voting to maintain the Bank …

Treasury collects £2.6bn in 13 weeks as IHT receipts rise

Fuelled by record June receipts and rising interest rates The government netted £2.6bn from inheritance tax (IHT) between April and July 2023, which was £0.2bn higher than in the same period a year earlier, latest official statistics show. Figures from HM Revenue & Customs (HMRC) showed that receipts in June 2023 were the highest monthly total on record and could …

Inflation falls by 1.1% to 6.8%

Core inflation remained unchanged between June and July. CPI inflation rose by 6.8% in the 12 months to July, down from 7.9% in June, the latest ONS figures reveal. On a monthly basis, CPI fell by 0.4% in July, compared with a rise of 0.6% in July 2022. CPIH inflation, which includes owner occupiers’ housing costs, saw an annual rise …

State pension likely to rise 8.2% to almost £11,500 ahead of election

Another bumper increase in the state pension could follow 10.1% hike last April Wage inflation was 8.2 per cent in May-July in official data released today The full rate state pension could top £220 a week if earnings growth sticks at its current 8.2 per cent, as pundits reckon the Government is highly unlikely to break the triple lock pledge …

Bank of England raises interest rates by 0.25% to 5.25%

Bank Rate was last at 5.25% in February 2008.  The Bank of England’s Monetary Policy Committee has voted 6-3 to increase Bank Rate by 0.25% to 5.25% – the 14th consecutive rise. Two members preferred to increase Bank Rate by 0.5 percentage points, to 5.5%, and one member preferred to maintain Bank Rate at 5%. Interest rates have increased further …