Of all the losers from the Bank of England’s decision to hold interest rates – which includes the 591,000 people currently on tracker mortgages, as well as those among the 7.1 million households on fixed rate mortgages who are scouting around for a new deal – the biggest loser of all could be one Rachel Reeves.
The chancellor needs the British economy to start firing. No 11 has very little headroom if it is to keep to Reeves’ fiscal rules, which prohibit borrowing to fund day-to-day government spending, and avoid a tax-raising Budget in the autumn.
