Rachel Reeves may count herself lucky that the news this week has been dominated by Donald Trump’s return to the White House rather than the Bank of England’s latest decision on interest rates.
It was always nailed on that the Bank would deliver a November cut in interest rates, and borrowing costs have duly been shaved from 5% to 4.75%. Of far more interest was what happens next and here the message was that the budget has made the Bank’s monetary policy committee (MPC) warier about the pace of future policy easing.
