Bank of England raises UK interest rates to 5.25%

    Simpson Wood
    11th August 2023
    Home » Blog Posts » Bank of England raises UK interest rates to 5.25%

    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 website BCC website

    Need Some Advice?

    Looking for some help or a little advice?

    Call today on 01484 534431 or fill in our enquiry form below, and we’ll call you back.

    Simpson Wood’s 2024 Golf Day

    Simpson Wood’s Golf Day was a smashing success this year, held at the picturesque Woodsome Hall on Thursday, 28th June. The event saw 32 enthusiastic competitors, organised into teams of…

    General Election – Tax Summary

    The General Election is now under two weeks away, so we thought it would be timely to summarise the tax positions of the main parties. These are proposals taken from…

    Advisory fuel rates for company cars

    New company car advisory fuel rates have been published and took effect from 1 June 2024. The guidance states: ‘you can use the previous rates for up to one month from…