Bank of England | Interest rates to a 15-year high of 5.25%

Interest rates have risen to a 15-year high of 5.25%, with the Bank of England carrying out a hike of 0.25 percentage points.

It is the 14th consecutive rate rise, with the Bank seeking to bring down inflation, but prices have been rising at a slower rate than expected recently, giving cause for optimism that this could be the last increase for a while.

But the high-point of 5.25% reached on the 3rd August 2023 has not been matched since the global financial crisis in March 2008, demonstrating the difficulties faced by the UK economy.

To make sure your payment for this month reaches HMRC on time, you need to have funds cleared into HMRC's account on or before 21 July 2023, unless you are able to arrange a Faster Payment.