Growth downgrades and the rise in bond yields in recent months have wiped out the £9.9 billion margin that Reeves left in her Budget in October against her “stability rule” that day-to-day spending must be covered by taxes.

The biggest risers on the FTSE 100 were Prudential, up 39.4p to 722p, Entain, up 36p to 696p, Barratt Redrow, up 23.1p to 460.1p, Croda, up 81p to 3131p, and Kingfisher, up 6.3p to 252.8p.

US economists are looking for monthly headline CPI at 0.31%, which would keep the year-on-year rate at 2.9%. Core CPI is forecast to come in at 0.28%, with the year-on-year rate ticking down a tenth to 3.1%.

Speaking to the Financial Times, Mann said that demand conditions in the UK are “quite a bit weaker” than before. That impacts consumer spending and the ability of companies to raise prices, therefore easing inflation risk. Mann was among the most hawkish policymakers at the bank but last week switched to vote for a 50 basis point rate cut.