It’s not all sunshine and roses for Rachel Reeves as new figures today from the ONS have consumer price inflation ticking up to 2.2%, up from last month’s target-hitting performance. It’s a lower rise than expected by the majority of forecasts, pushed by last year’s ‘base effects’. Core food and energy inflation also fell by an unexpected 0.2% while services dropped by 0.5%. All eyes on Threadneedle Street…

Chief Secretary to the Treasury Darren Jones issues the usual Labour line that “The new government is under no illusions as to the scale of the challenge it’s inherited“. Hunt, meanwhile, says that Tory efforts to reduce inflation paved “the way for the first interest rate cut in four years“. More on the Sunak’s decision to go to the polls just before the economy improved as Guido gets it…