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Bank of England raises UK interest rates to 5.25%

WRLO Accountants — Mon, 07 Aug 2023 17:51:35 +0000

The UK’s interest rate has been raised to 5.25% by the Bank of England, as it continues to try and bring inflation under control. The Bank’s Monetary Policy Committee increased the rate by 0.25% from 5% – the 14th increase in a row. It is a 15-year high for the base rate, which was last at this level in April 2008. Vicky Pryce, Economic Advisory Council member at the British Chambers of Commerce (BCC), said: ‘Businesses across the UK will be fervently hoping that today’s rise in interest rates is the last they will see. ‘While many firms will have already factored this increase into their plans, it is clear from the recent rise in insolvencies that the economic environment is becoming stacked against smaller firms. They are the ones with less cash reserves in the bank and greater exposure to finance. ‘And there is now a real danger that the economy could be pushed into recession as it takes 18 months for changes in interest rate rises to filter through. With all the cumulative pressure of past rises yet to come, business will be watching closely for any further indications on the Bank’s plans.’ Internet link: Bank of England […]

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January 2023

WRLO Accountants — Mon, 09 Jan 2023 14:41:37 +0000

In this month’s Enews we consider the delays to the next stages of Making Tax Digital and the impact of the pandemic on tax compliance. We also update you on the government’s mortgage guarantee scheme and the latest developments in the UK economy. With news on freeports and financial sector reforms, there is a lot to update you on. MTD for ITSA delayed for two more years Tax non-compliance during pandemic cost UK £9 billion Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate to 3.5% Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms MTD for ITSA delayed for two more years The Treasury has announced that Making Tax Digital for income tax self assessment (MTD for ITSA) will be delayed for two more years until April 2026. MTD for ITSA was due to take effect from April 2024 and would have required all self-employed individuals and landlords with income over £10,000 to report earnings quarterly through the MTD for ITSA system. However, in a Written Statement, Victoria Atkins, Financial Secretary to the Treasury, confirmed that the mandation of MTD for ITSA will […]

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