The UK economy is barely out of first gear, so now is no time to hit the brakes

Hurrahs for inflation reaching 2% as the economy grew gave way to panic over rising prices - and it's all, of course, made much worse by Brexit

It is difficult not to laugh: as the economy has been recovering, in certain sectors, from the biggest contraction in output for several centuries, the Bank of England has been desperate to achieve" the official inflation target. Finally we learn that it has indeed been achieved - that the index of consumer prices has risen by 2.1% in the past 12 months, marginally over the target of 2% - and, hey presto, there is panic in the ranks.

Sorry, I should say some ranks. There is one hell of a debate going on in economic and financial circles about whether recent price rises in certain sectors warrant early counter-inflationary action - higher interest rates - or whether the green shoots of recovery" could thus be nipped in the bud.

Demands for finance reach Sunak from all sides, but he's hoist with his own petard: the impact of the Brexit he espoused