Policymakers can only wait and see how the next prime minister’s tax and spend policies will affect the economy
will be watching the progress of the race to replace Boris Johnson as Tory leader and prime minister with rapt attention.
and Bank staff are under pressure to push up interest rates to squeeze the economy and with it the inflationary pressures driving prices higher.had been scheduled to hold a press conference this week spelling out how the government’s tax and spending policies would develop over the next six months. Now that same debate will be played out, not between foes in No 10 and No 11 Downing Street, but between rival candidates in an election campaign to succeed Johnson.meant it had ditched its adherence to a policy of “further tightening”, under which the Bank would increase the cost of borrowing in small and steady increments, in favour of a more flexible policy that could result in bigger jumps in interest rates.
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