Interest Rates Kept at 0.5%

Interest Rates Kept at 0.5%

British interest rates are to be kept at a record low of 0.5% for the 19th month in a row by the Bank of England.

It was widely expected that the rate would be maintained at this level, despite one member of the Monetary Policy Committee (MPC) calling for a raise to combat inflation.

There is a variety of opinion within the MPC as to what is the most effective method of ensuring sustained economic growth.

Andrew Sentance was the member who voted for a rise, in the belief that this could halt inflation for a fourth consecutive month.

Consumer Prices Index (CPI) inflation is currently 3.1%, which is higher than the 2% target rate. The bank does though believe that prices will start falling in the medium term.

MPC member Andrew Posen said: “Persistent dangers of global setbacks and the huge pressures likely to face British business as the budget deficit is cut, make is important for the MPC to intensify its expansionary policies in the short term.”

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.