The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.

If you have received a refund from a PPI claim, the premiums refunded are not taxable.

However, many successful claims are being paid out with a simple 8% interest to compensate the time you were without the benefit of your money.
 

If you have received a refund from a PPI claim, the premiums refunded are not taxable.

However, many successful claims are being paid out with a simple 8% interest to compensate the time you were without the benefit of your money.
 

Government calculations have forecast an additional 18,000 people will go insolvent by 2020 should interest rates rise just 1%.