A HMRC update reveals millions of taxpayers could be charged more this year as a result of the Bank of England hiking up the interest rate.
On Thursday, interest rates were increased to 5%, from 4.5%, the highest rate in 15 years. The move is set to deepen the mortgage crisis as borrowing costs are hiked up for the 13th time in a row.
Following the announcement, HMRC confirmed its interest rates will also increase.
