The Bank of England is stagnating the economy. Unless Rachel Reeves demands a change in their policy she has not got a hope of delivering any of Labour’s promises

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In the real world, rather than in that of elections, there is data in employment out this morning.

The Office for National Statistics has published these charts:

The summary is that the Bank of England is getting its way: unemployment is rising, as it wants.

Wages are, for now, sticky, but that is unsurprising: there is always a lag between rising unemployment and wages.

The number of people unable to work is also rising.

And so the number of people available to work is falling.

Put all that together and what do you get? Stagnation, at best.

So much for Rachel Reeves' talk of growth when the Bank of England is determined it should not happen by keeping interest rates high and investment rates low as a result.

When will Reeves take on the Bank? I doubt that she ever will.

So will Labour ever deliver on its plans? Right now, there seems to be not a hope that they can.

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