Bank of emgland

We don’t know much about what taxes she will impose. Nor do we have many clues as to how she will boost growth, or find the money to improve public services. Still, not to worry. It turns out that we can, at least according to her feed on X, trust the shadow chancellor Rachel Reeves to ‘run the economy’ for a very simple reason. She used to work at the Bank of England, and apparently they know about that kind of stuff over there. There is just one problem. In reality the Bank is not as brilliant as Reeves seems to think it is – and it is questionable, to

Long gone are the days when politicians and experts dared to claim inflation was simply ‘transitory’. Now it’s hang-on-to-your-hats as prices spiral faster than anyone predicted. This morning the Office for National Statistics reveals that headline CPI inflation hit 10.1 per cent on the year in July. This double-digit figure takes inflation to a 40-year high, outpacing consensus yet again, which was 9.8 per cent. That figure means all those horrors that have been discussed for months have become more immediate: the instability that comes with spiralling prices, the risk of stagflation, increasing fears of recession as consumers grow more cautious, not to mention the very real fear that people