Bank of England Rate Hike Would Leave Burnham's Government Red-Faced

Nouran Moustafa, an executive financial and mortgage adviser at Roxton Wealth, believes that if the Bank of England raises interest rates, Andy Burnham will struggle to show his face in Parliament. The reason for this is that Burnham has made the cost-of-living crisis a central part of his government's agenda, and a rate increase would be seen as directly contradictory to this goal.

According to Moustafa, 'I don't really think he will be able to show up to Parliament if the Bank of England base rate goes up, because now he has taken the role of the country hero that's lowering the cost of living.'

The current state of affairs is seen as a result of political pressure on the Bank of England. Moustafa argued that this pressure is 'wrong in principle' and will lead to a standoff between banks and Westminster.