A few weeks ago, George Osborne warned that excessive government borrowing would make it harder for the Bank of England to cut interest rates. Labour responded by calling him “out of his depth”. Now, we see from the minutes of the Monetary Policy Committee meeting that the Bank held off from a deeper cut in rates until it had seen the pre-Budget report—in other words, until it had seen how much more the government intends to borrow. So, Osborne was right after all.
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