t: 01633 240080,  f: 01633 240081

24 Bridge Street, Newport NP20 4SF

Interest rates start to rise

Source: HM Government | | 07/11/2017

In a widely expected move, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the Bank Rate from 0.25% to 0.5%. This is the first increase in interest rates since July 2007 when the rate increased to 5.75%. The interest rate has been fixed at 0.5% since the crash of 2009 and was further reduced to 0.25% in August 2016 following worries of economic instability after the Brexit vote.

This increase in interest rates is likely to be followed by some further modest increases over the short term as the Bank of England tackles higher inflation and the impact of Brexit. The increase will mean higher borrowing costs for households. Variable and tracker mortgage rates were being increased within hours of the announcement. Mortgage lenders are also expected to increase the cost of new fixed-rate mortgage deals.

Savers should expect to see some modest increases in the savings rates on offer.



 

Latest News

  • VAT on property service charges

    11/12/2018 - More...

    A new Revenue and Customs Brief (6-2018) entitled VAT exemption for all domestic service charges has recently been published by HMRC. The brief explains changes to the Extra

  • Are you ready for VAT filing changes April 2019?

    11/12/2018 - More...

    The introduction of Making Tax Digital (MTD) for VAT is fast approaching. From April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000)

  • Is your income approaching £100,000?

    11/12/2018 - More...

    For high earning taxpayers, the personal allowance is gradually reduced by £1 for every £2 of adjusted net income that exceeds £100,000 irrespective of age. Adjusted net income is

Newsletter

With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!

» Sign up for the newsletter
» Login


Copyright © 2018 Haasco Limited (Company registration 7030921). Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales (Firm C003118150). Indemnity insurer - Axis Speciality Europe SE (Policy 374997016)

Cookie Policy | Privacy Policy