Today’s Monetary Policy Report from the Bank of England was a little like the weather: a bit of sunshine, some very dark clouds, but mostly everyone wondering when things will get better.
The bad news first: interest rates have risen by 25 basis points to 4.5 per cent, the highest level since 2008. Inflation is not expected to fall to target until 2025, while food inflation will continue to outpace the headline rate.
