Shadow chancellor Rachel Reeves says interest rates a ‘hammer blow for working people’

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Shadow chancellor Rachel Reeves has labelled the latest rise in interest rates as a “hammer blow for working people” which did not need to happen. This rise - a hammer blow for working people - did not have to happen Shadow chancellor Rachel Reeves Writing in the Daily Mirror, the shadow chancellor said the government is “managing decline rather than getting us moving”. “The Tories crashed the economy with last September’s disastrous mini-Budget and left you paying the price.” She earlier said the latest rise will be “incredibly worrying for households across Britain already struggling to make ends meet”. He tweeted: “The alternative would make inflation far worse, so what you buy becomes more expensive and what you save, worth less.” In a video he posted on Twitter, he described inflation as “the single biggest challenge” facing the country and said halving it was his top priority this year.