Base Rate Comment from Afin Bank

06 November 2025

Following today's base rate announcement by the Bank of England, Charles Resnick, Chief Finance Officer at Afin Bank, commented:

“No surprises in today’s decision by the Bank of England to hold the base rate, but you can’t escape the shadow of the upcoming Budget looming over proceedings.

“Following the unusual approach by Chancellor Rachel Reeves to make a “Scene Setter” speech this week ahead of the Budget, tax increases are expected in the statement on 26 November, which would break the government's manifesto pledges.

“What kind of tax rises and who they would impact the most is still unknown, as is any insight into other measures she will announce. As a result, economists and the markets are holding their breath, so a further base rate change in December can’t be ruled out, although it is looking more likely for next year.”

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