Bank of England’s top economist dismisses hopes of big interest rates cuts in further blow to Rachel Reeves

Rachel Reeves faced setbacks in her efforts to boost economic growth as the Bank of England downplayed the possibility of a significant interest rate cut, opting for a more cautious approach. Chief economist Huw Pill’s comments came after the bank halved its growth forecast and warned of higher inflation and increased unemployment due to rising taxes and minimum wage. Reeves’ future as chancellor is in question, with the Bank highlighting unexpected pay growth as a factor in their decision-making process.

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