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
-
Could a special method increase your profits?
Your business has used the same partial exemption method for many years. Is it time to consider if a different method will improve your input tax recovery?
-
EVs and the tax-free mileage allowance
You’re a director and regularly use your electric vehicle (EV) for business journeys. Your company provides a workplace charger which is free for all staff to use. Does the origin of the electricity impact your claim for tax-free mileage?
-
HMRC loses employment status case involving football referees
HMRC has lost another employment status case, this time involving football referees engaged by Professional Game Match Officials Ltd (PGMOL). The tribunal rejected HMRC’s argument that the referees should be treated as employees for tax purposes. Why does the decision matter?
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.