Bank pushes up rates to 4.5%
The Bank of England's monetary policy committee today voted to raise interest rates by a quarter percentage point to 4.5%.
The Bank of England's monetary policy committee today voted to raise interest rates by a quarter percentage point to 4.5%.
Link: Bank pushes up interest rates
As widely predicted by economists, the quarter point rise is the monetary policy committee’s fourth increase since November last year.
Analysts predict rates could rise to 5% by the end of the year.
The move will mean that millions of homeowners face higher mortgage bills from today if lenders pass on the full hike in rates.
Despite the monetary policy committee’s gradualist approach, economists suspect that booming house prices are a major factor in the decision.
But in a statement from the BoE, the decision was put down to inflationary pressures.
‘The committee judged that a further increase of 0.25 percentage points in the repo rate to 4.5% was necessary to keep CPI inflation on track to meet the target in the medium term,’ said the BoE.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View articleThe FRC has announced Richard Moriarty as its new chief executive, replacing Sir Jon Thompson Read More...
View article