The interest rate rise is a tiptoe back towards the economic normality we have almost forgotten

There are occasions when an apparently negative economic indicator is also in some sense positive. September’s 9 per cent drop in new car registrations compared with the same month last year was no bad thing if it means fewer people are loading themselves up with debt to buy cars — and won’t hurt British car factories that are part of a global supply chain. Likewise, falling London house prices may carry a negative message about international confidence in the UK, but will help London workers to buy homes.

And a quarter-point interest rate rise may look like a sign of concern at the Bank of England and a worry for mortgage borrowers, but is actually a tiptoe back towards the economic normality we have almost forgotten.