The Bank of England’s Monetary Policy Committee (MPC) has just voted to hold interest rates at 3.75 per cent. While market expectations and pundit’s predictions overwhelmingly foresaw a hold, the vote came in slightly tighter than expected at five against four.

The decision came alongside new forecasts from the Bank that predict inflation falling back to the 2 per cent target from April, in what will be a relief to the government and indeed the rest of us. In even better news for Rachel Reeves,........

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