Bank of England delays latest interest rate rise
Her Majesty, Queen Elizabeth II passed away on 8 September 2022. In the wake of this, the Bank of England has delayed announcing the latest change to interest rates. What do we know?
The nation is currently observing a ten-day national mourning period following the death of Queen Elizabeth II at the age of 96. The government has announced that 19 September will be a bank holiday to coincide with the funeral. The Bank of England also announced that it was delaying it's scheduled monetary committee meeting by a week, with the new date being 22 September.
The committee agrees changes to the base interest rate. This has increased several times this year in an effort to curb inflation. Leading economists had expected the rate to increase from its current level of 1.75% to 2.25%, which would be the highest level since the 2008 financial crisis. Of course, this would have a knock-on effect to interest rates that are pegged to the base rate, including HMRC's. As a result, the interest charged on any overdue tax will shortly increase, albeit later than may have been the original case.
Related Topics
-
Capital gains tax break for job-related accommodation
You’re in the process of selling a property that you bought as your home but because of your job have never lived in. You’ve been told that you’ll have to pay tax on any gain you make, but might a special relief get you off the hook?
-
Should you revoke your 20-year-old option?
Your business has let out a building to a tenant and it is now just over 20 years since you opted to tax the property with HMRC. Should you revoke it so that your tenant no longer needs to pay VAT?
-
Chip shop owner fined £40k for hiring illegal worker
A Surrey fish and chip shop owner has been left in shock after being fined £40,000 for allegedly employing someone who didn’t have the right to work in the UK, even though he conducted a right to work check. Where did this employer go wrong and what can you learn from it?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.