Call 020 7794 5757 - Email info@numerallp.com

Interest rates held at 5.25%

At its latest meeting, the Bank of England's Monetary Policy Committee (MPC) held the base interest rate at 5.25%.

03 Nov 2023

At its latest meeting, the Bank of England's Monetary Policy Committee (MPC) held the base interest rate at 5.25%.

The latest decision marks the second time in a row that interest rates have been held at 5.25% – their highest level in 15 years.

According to the Bank, the UK economy won't see any growth until 2025. However, the Bank also expects inflation to fall 'sharply' over the coming months.

Responding to the latest interest rate decision, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: '[The] decision to again hold the interest rate at 5.25% will allay some concerns of the businesses we speak to that are unable to stomach further rises.

'Our research has shown that interest rates have grown as a key issue among companies. This is especially true for smaller firms and those in consumer facing sectors who have seen rising borrowing costs and decreased customer demand.

'The BCC's Quarterly Economic Survey for quarter three found that 45% of all firms cited interest rates as a concern. With inflation set to ease further and GDP and labour market data indicating the economy is cooling, the Chancellor's Autumn Statement must set out a plan for growth.'

Newsletter sign-up

Why not register to receive our Monthly Newswire?

Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Sign-up today

Try a site search Tax return, dividends, pension, autumn statement...

Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

© 2024 Numera. All rights reserved. We use cookies on this website, you can find more information about cookies here.