Oh no! The cost of borrowing £100,000 has gone up by £150 a year! How could the Monetary Policy Committee hit us so hard while Covid rampages through the country? In fact, yesterday’s rise in Bank Rate to the dizzy heights of 0.25 per cent mostly betrays how absurdly low it had become, as if nearly-free money was the answer to all the nation’s woes. Still, we rejoice at a sinner that repenteth, especially when the sinner has been under such political pressure to delay (again) the moment to admit economic reality.