Vale & West Chartered Accountants Blog

Category Archives:Interest Rates

Interest rate hike puts pressure on taxpayers behind on payments

In light of the recent increase in the Bank of England’s base rate, HM Revenue & Customs (HMRC) has announced a rise in interest on both late paid tax and repayments of tax.

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BoE holds interest rates as businesses cut back on investment ahead of Brexit

The Bank of England’s (BoE) Monetary Policy Committee (MPC) has unanimously voted to maintain the UK interest rate at 0.75 per cent amid uncertainty about the potential nature and timing of the UK’s withdrawal from the European Union. Read More

Unexpected UK inflation in September causes pound sterling to fall

In September, the UK inflation came in much weaker than expected, causing the pound sterling to fall dramatically. Read More

Bank of England warns of impending interest rate increases

In recent days, the Bank of England (BoE) has warned that it intends to increase interest rates “sooner and faster” than previously expected over the coming months. Read More

Interest rate hike just around the corner

In an interview with BBC Radio 4’s The Today Programme, Mark Carney, Governor of the Bank of England, has hinted that an interest rate rise could be just around the corner. Read More

Pay day loan complaints rise despite new legislation

The Financial Ombudsman Service (FOS) has found that complaints about pay day loans have risen once again, with there being nine times more complaints than two years ago. Read More

Banks reject cash LISA on launch

A grand total of zero banks and building societies have opted to take up the Government’s new Lifetime ISA (LISA) cash accounts on the day of their launch, it has emerged.

The LISA is aimed at pension savers and first-time buyers, but banks say they have not been given enough details or time to prepare.

The LISA also received criticism earlier this year, after it emerged that withdrawing cash for anything other than its intended purposes will result in the account holder losing money.

Just three providers said they will launch the stocks and shares version of the LISA this month.

The cash version allows holders to deposit up to £4,000 each year, in which the Government will add a 25 per cent top-up.

The cash can only be withdrawn when the account holder turns 60, or when it is used to purchase a first home. Withdrawing early will incur a 25 per cent penalty.

Hannah Maundrell, editor-in-chief of, said: “It’s a bit of a damp squib as there are no cash Lisas yet confirmed for launch.

“Yet again the government has promised consumers the chance of a shiny new savings vehicle without consulting with the industry on how and when they can deliver it.”

In December last year, Nationwide announced that it would not offer LISAs because they were “too complicated”.

It added that it would continue with the help-to-buy ISA instead.

Inflation rises past BoE’s two per cent target

The UK’s inflation rate jumped from 1.8 per cent in January to 2.3 per cent in February, the Office for National Statistics (ONS) has revealed. Read More

SMEs rely on personal loans and salary sacrifices to patch up cash flow, research reveals

Nearly half of all UK small and medium-sized enterprises (SMEs) are being paid late, a report has revealed. Read More

Consumer spending peaks at six-month high in October

Consumer spending reached a six-month high in October as high street shops and restaurants report continued profits in the run-up to Christmas. Read More

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