An interest rate rise would be an act of economic masochism willingly committed on the hardest up by a group secure in the knowledge that their own well-being will not be impacted by the decision

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The Office for National Statistics has issued its inflation figures for October and to absolutely no one's surprise they are up:

These are said to be the main causes:

Housing and household services is up because of gas and electricity prices. Transport is up because of fuel prices and the increasing costs of second-hand cars.

The rest amounts to not a lot of consequence.

But although all that an interest rate rise can do is add to the pressure on already tight household budgets, where heating bills will have to be paid, the Bank of England is bound to see this as a reason to increase interest rates.

That rate change will not change the price or supply of gas, electricity or second-hand cars. All it will do is make the lives of many already struggling that much harder. An interest rate rise would be an act of economic masochism willingly committed on the hardest up by a group secure in the knowledge that their own well-being will not be impacted by the decision. I call that unforgivable.

The time for the sham independence of the Bank of England to come to an end has arrived.