By Theo Bertram

The fall in inflation is good news for everyone.

After a difficult few weeks, Rachel Reeves will be breathing a sigh of relief. While food price inflation increased, the headline drop to 3.6 per cent in October means the cost of living is not rising as fast as it was a year ago. It will also encourage the Bank of England to lower interest rates more quickly, which would, in time, help cut the cost of mortgages for millions of ordinary households. Easing the cost of living for ordinary families is right at the top of Rachel Reeves’ to-do list.

However, this good news does not change the fundamentals facing the Chancellor in her Budget in a week's time.

Frankly, the political demands of this Budget........

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