No respite! New Rachel Reeves blow as BoE refuses to bail out Britons before Budget blitz

With the economy struggling to grow, and borrowing costs high, the nation urgently needs an interest rate cut. Today, we didn't get one. And that's yet more bad news for beleaguered Britons as the Budget looms on November 26.

Rachel Reeves is lining up her second tax blitz in just over a year, and this one could be far worse than last year's. While her maiden budget in October 2025 was a horror show, most of the burden fell on businesses, via her £25billion "jobs tax". That destroyed thousands of companies and hundreds of thousands of jobs.

This upcoming Budget is shaping up to be even more punishing, because businesses can't take any more. As a result, Reeves will target ordinary taxpayers directly.

It now seems highly likely she'll hike income tax by 2p in the pound, while also attacking our pensions, savings, inheritances and properties.

An interest rate cut today wouldn't have averted the attack, but it would have put a little more money into people's pockets before Reeves snatches it straight out again. Alas, we didn't even get that.

And you know the main reason? Rachel Reeves's constant blundering. The Chancellor blames everybody else for her problems, but this one is squarely on her.

Why didn't the Bank of England cut rates today but hold them at 4%? Because UK inflation remains far higher than across the rest of Europe.

One key reason is that jobs tax, because businesses passed the cost onto consumers in the form of higher prices.

The Chancellor's decision to grant public sector workers a bumper pay rise straight after the election and hike the minimum wage by an inflation-busting 6.7% in April added to inflationary pressures.

All these costs are being passed on, keeping inflation high at 3.8% in September, making it impossible for the Bank of England to cut rates today.

Just compare that with the eurozone, where inflation fell to 2.1% in October. The European Central Bank has cut its main interest rate to 2.15%, almost half our 4%.

A similar cut over here would save mortgage holders hundreds of pounds a month and businesses billions in debt servicing costs, leaving the economy in a much better shape.

But we didn't get that cut, and that's down to Reeves herself.

While I've criticised the Bank of England in the past, I can't really blame it this time. The main culprit sits in number 11, no doubt wondering who she can blame for her latest mishap.

Now we go into the Budget feeling just a little poorer, and a little more hard-pressed, and that is down to Reeves too.

The Budget is just three weeks away. She will no doubt try to deny responsibility when her tax blitz inflicts still more damage, but don't let her get away with it.

Yes, Labour inherited a mess, but everything Reeves has done since has only accelerated our decline.

Today was our last chance of respite before the Budget, and we didn't get it. And whose fault is that? Take a guess.