"The Bank of England will hold the first meeting this year of its Monetary Policy Committee next week. Until recently, it had been fairly certain that the second rate hike of the new cycle would take place, but the growing headwinds being faced by the economy have put that in jeopardy.

The continued rise in the wholesale price of gas is the single most significant issue. Many household bills are expected to double when the Government’s price cap is adjusted in April

As Boris Johnson awaits his fate to be decided by the report being prepared by Senior Civil Servant Sue Gray into activities in Downing Street during the first lockdown, he caused something of a stir yesterday by refusing to confirm that the rise in National Insurance contributions that is also due to start in April would, in fact, go ahead.

This is vintage Johnson, pulling a rabbit from the hat without having first discussed the notion with his cabinet colleagues.

The Business Secretary, Kwasi Kwarteng, speaking yesterday at the site of a third nuclear power station to be built on the Suffolk coast, confirmed to the press that there was to be no change to the Government’s plans to raise the basic rate of national Insurance contributions.

"

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