Bank of England raises UK interest rates

Interest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices.

Call 020 7602 6366 or email info@merchant.london

Interest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices.

The BoE's decision to increase rates for the 11th time in a row comes after figures showed that the cost of living has risen by more than expected. Data published recently by the Office for National Statistics (ONS) showed that inflation jumped to 10.4% in the year to February, despite predictions it would fall.

The Monetary Policy Committee (MPC) voted in favour of the latest rise by a majority of seven to two.

Commenting on 23 March, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said:

'Today's decision to increase the interest rate indicates the Bank are still pursuing strong action following yesterday's surprise rise in inflation. Record high inflation remains the top issue of concern for SMEs and it has been wiping out their ability to invest and grow for almost two years now.

'However, an interest rate rise alone is a blunt instrument that doesn't address some of the fundamental causes of inflation, such as failure in the energy market and global supply chain shocks.'

Internet link: BoE website BCC website

acca.png quickbooks.png xero.png
About our team

Merchant & Co was founded in 1920 by Harold Aubrey Merchant, a former mayor of Ealing. The firm has always been based in West London with offices in the Ealing, Kensington and Harrow areas...

Learn more

Contact Details

Please call:
020 7602 6366

Ealing Address: 2 Craven Road, Ealing W5 2UA
Harrow Address: 9 Bradburys Court Offices, Lyon Road, Harrow HA1 2BY

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

© 2024 Merchant & Co. All rights reserved.
Merchant & Co is the practising name of Merchant Mackinlay Simpson Ltd Incorporating Grashoff & Co and Campbell & Samuel Ltd.
Registered in England | Co Number : 08117182 | Reg Office : Merchant & Co, 2 Craven Road, Ealing, LONDON W5 2UA

Merchant Mackinlay Simpson Ltd is registered to carry out audit work in the UK by The Association of Chartered Certified Accountants. Details of our registration can be viewed at https://www.auditregister.org.uk

We use cookies on this website, you can find more information about cookies here.