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For the first time in a very long time, central bankers are coming under friendly fire as they lose control over some of the economic forces they themselves have helped to generate.
The UK economy suffered a shock fall in April, defying the Bank of England’s forecasts and complicating its interest rate decision later this week.
Sterling has gone into reverse as a boost from Boris Johnson’s narrow confidence vote victory proves short-lived.
Ofgem has warned that the energy price cap will surge to £2,800 in October, piling even more pressure on already-strained household budgets.
Soaring energy prices have condemned Britain to months of cost increases, the Bank of England’s chief economist has warned.