Chancellor hunts for growth as experts cut forecasts for Britain’s stuttering economy

Andrew Bailey can be forgiven for gnashing his teeth during Wednesday’s autumn statement, as Jeremy Hunt repeatedly claimed credit for the work done by the Bank of England governor and his colleagues.

The Monetary Policy Committee (MPC) hiked interest rates 14 consecutive times, taking them to 5.25 per cent – and also taking a lot of flak in the process. Now that inflation has fallen by more than half (to 4.6 per cent at the last measurement), the chancellor and his boss Rishi Sunak have been claiming the credit at every opportunity.

True, Mr Hunt did ignore growing calls for tax cuts from the benches behind him, thus keeping fiscal policy aligned with monetary policy. But that was light work compared to what the MPC had to do. And now, that resistance has crumbled into a relative giveaway.