Published: 21/12/2022 By Hannah McCormackAs we have previously reported the Bank of England has once again risen its interest rates. Now sitting at 3.5%, a further 0.5% increase from 3.0% took place on 15th December. In November the rate increased from 2.25% up to 3% and has increased a total of 9 times since this time last year.
The Bank of England state the reason for the further rate increase is that inflation is still too high and rates must be increased in order to bring this down. Read our previous blog here to find out why inflation is so high and how this may affect you.
Inflation has fallen from 11.1% in October down to 10.7 in November however this is not enough for rates to decrease and it is more likely we will see further increases in Spring 2023.
The next rate review and decision will be on Thursday 2nd February 2023.
Please get in touch if you have any queries on how inflation, rate rises or the recession may affect you or your business. We have specialist accountants, Insolvency Practitioners who deal with turnaround of struggling businesses as well as Independent Financial Advisors who can assist with Wealth Management. Call us on 020 8661 7878 or email email@example.com