As recession looms, the Bank of England’s independence is under threat

Analysis: The monetary policy committee has been accused of being asleep at the wheel amid cost of living crisis

• Bank hikes interest rates and says inflation will hit 13%
• Business live updates

The economic picture painted by the Bank of England of the years ahead was unremittingly grim: a long recession, high inflation, falling living standards. It would be hard to find a worse set of conditions for a government before a general election.

Threadneedle Street was taking plenty of flak even before it announced its latest gruesome forecasts. It can expect no letup now, because the government will need to find a scapegoat for the misery to come.