Since last July, the Bank of England has cut its benchmark interest rate twice – from 5.25pc to 4.75pc. But renewed inflation means additional cuts, which could help boost growth, are now unlikely until next autumn.

These are all reasons why, having predicted 0.3pc GDP growth during the last three months of 2024, the Bank now expects zero growth when figures for the final quarter are published. This is shocking, but not surprising – GDP fell 0.1pc in both September and October.

With higher employer NICs and other new taxes due from April, some analysts are even predicting the UK could soon enter recession.

Back in the summer, as Labour entered office, Reeves was boasting, after years of Tory-led turmoil, that “stability is the change” – a statement which now sounds laughable.

🧵 3/5