Bank of England policymaker argues for holding interest rates until inflation pressures ease – as it happened

Live coverage of business, economics and markets as Jonathan Haskel says UK inflation will remain above target for quite some time'

Rachel Reeves has pledged to get Britain building again" after saying the government will introduce mandatory housing targets in her first major speech as UK chancellor.

Local authorities will retain the power to decide on planning applications in the first instance", but can be overruled nationally if they fail to meet their targets. The answer cannot always be no'," said Reeves, who is the first woman to be chancellor in the UK.

The deputy prime minister will take an interventionist approach to make sure we've got the housing that we need.

There is no time to waste. We will end the prevarication, and make the necessary choices to fix the foundations.