Faisal Islam: Why this won't be the Budget that Jeremy Hunt wanted

Chancellor Jeremy Hunt would have stood up in the Commons and delivered the Budget, bringing an end to three years of rolling geo-political and economic crises and multiple inflation shocks. "The turning point will come when inflation falls to its target level of 2% and the Bank of England feels it can bring down interest rates." the chancellor told me. Former Business Secretary Jacob Rees-Mogg went as far as suggesting that the Bank's independence should be questioned for "Hammering the economy" with high interest rates. In the more than 25 years since the Bank of England has been granted the power to set interest rates, never has there been as clear a case of what the sitting government would like it to do. If the chancellor still set interest rates, as they did until 1997, there can be little doubt that two or three rate cuts would be delivered before polling day.

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