Rishi Sunak's target to halve inflation has already been met, Bank of England says - but it warns the UK's growth is grinding to a halt
Daily MailRishi Sunak received a boost yesterday after the Bank of England said he has already met his target of halving inflation – but it warned that growth was grinding to a halt. The Bank believes inflation fell to 4.8 per cent last month – which if confirmed would mean Mr Sunak's target of halving it this year is met with two months to spare. Rishi Sunak received a boost yesterday after the Bank of England said he has already met his target of halving inflation – but it warned that growth was grinding to a halt The Bank is resisting the pressure for now, with governor Andrew Bailey insisting that it is still 'much too early' to be thinking about interest rate cuts With inflation starting to ease, the Bank faces a growing clamour to cut interest rates. It came as the Bank of England's interest rate-setters voted 6-3 to leave interest rates on hold at 5.25 per cent.