The Chartered Institute of Payroll Professionals
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Bank rate remains unchanged at 5.25% Published: 2 November 2023 Emailed: 8 November 2023
The Bank of England (BoE) has announced that it will leave the bank rate as unchanged at 5.25%.
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. The MPC voted six to three to maintain at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%.
Payroll professionals should bear in mind that due to this change, HM Revenue and Customs (HMRC) will uplift and revise the late payment and repayment interest rates in accordance with their guidance.
Keep a look out for the next update due on the 14 December 2023.
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It’s Talk Money Week Published: 7 November 2023 Emailed: 8 November 2023
6 – 10 November 2023 is Talk Money Week from the Money and Pension Service (MaPS) and it is time to start some conversations all about money.
As payroll professionals, we are very much ingrained into the finance world, but do we encourage others to talk about money as much as they should? Talk Money Week is all about making sure that we discuss and support each other through any financial difficulties.
According to MaPS, Research shows that people who talk about money: • make better and less risky financial decisions • have stronger personal relationships • help their children form good lifetime money habits • feel less stressed or anxious and more in control.
This year, MaPS has released a toolkit and is encouraging everyone to “do one thing” to improve financial wellbeing. For your organisation, this could mean directing employees to valuable resources, offering to talk about any financial concerns or signposting to professional pensions advice. On a personal level it could mean educating your children or family members about the importance of saving.
Whatever it is you do, make sure to encourage open and supportive communication about money. We still can’t escape the phrase ‘cost -of- living crisis’ so the least we can do is talk about it.
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UK inflation falls to 4.6% Published: 15 November 2023 Emailed: 22 November 2023
The UK's inflation rate has fallen to 4.6% in October 2023. The Office for National Statistics (ONS) suggests that the annual rate in October 2023 was the lowest since October 2021.
The Consumer Prices Index (CPI) rose by 4.6% in the 12 months to October 2023, down from 6.7% in September and from a recent peak of 11.1% in October 2022. On a monthly basis, CPI did not change in October 2023, compared with a rise of 2.0% in October 2022.
cipp.org.uk
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