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UK: Bank of England raises interest rates

The Bank of England has raised interest rates from 1.25% to 1.75%. This is the biggest rise for 27 years, as it battles to keep a lid on surging inflation.

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In response to the Bank of England interest rate increase to 1.75%, HMRC’s late payment interest rates will also increase with effect from 23rd August 2022 as follows:- late payment interest rate — 4.