Farage attacks Rachel Reeves during Reform speech
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Rachel Reeves has been hit with a fresh blow after a Bank of England rate-setter said he remains “pretty concerned” about the economic outlook. Alan Taylor signalled that Donald Trump’s tariffs trade war will continue to hinder the UK economy.
He also indicated he will seek to cut interest rates again soon and dismissed recent stronger-than-expected inflation figures. His remarks come as the Chancellor grapples to balance the books following her controversial ￡40 billion tax raid Budget last Autumn.
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Since then the economy has floundered, inflation has risen and unemployment increased.
Official figures showed that the inflation rate jumped to 3.5% in April, up from 2.6% in March.
READ MORE: Labour won't fully reverse pensioner winter fuel payment cuts
Keir Starmer (Image: Getty)
The Bank of England (Image: Getty)
The rise in inflation to its highest level since January 2024 comes amid a backdrop of steady reductions in interest rates – which had been kept elevated in a bid to curb high inflation – over the past year.
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Earlier this month, the Bank of England cut interest rates to 4.25%, their lowest level for around two years, from 4.5%.
Mr Taylor, who was among two dissenting rate-setters voting for a sharper cut to 4%, indicated he still hopes for further reductions in interest rates.
“I’m not going to pre-emptively announce my vote, but I think I indicated in my dissent that I thought we needed to be on a lower policy path,” he told the Financial Times.
“I’m seeing more risk piling up on the downside scenario because of global developments,” he said, highlighting that President Trump’s tariffs were set to drag on global economic growth.
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On Wednesday, the International Monetary Fund (IMF) said trade tensions linked to tariffs would reduce growth in the UK economy next year.
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Mr Taylor said he believes the recent uptick in inflation is largely caused by one-off factors, adding that he remained “pretty concerned” about the growth outlook for the economy.
He added that recent developments in UK trade, such as the UK-EU deal secured earlier this month, were welcome, they would not wholly offset disruption from US tariff plans.
The rate-setter also indicated that positive growth earlier this year was likely to be linked to firms bringing forward activity ahead of the potential tariffs, with growth likely to slow in the coming months.