Reeves on economy: We should be doing so much better

Labour’s economic plan would “provide the economic stability we need”, says the shadow chancellor.

After the Bank of England raised interest rates from 2.25% to 3%, Rachel Reeves said people would be “incredibly concerned” at a time when food prices and energy bills were also rising.

She added that international league tables showed the UK near the top for inflation, but near the bottom for economic growth.

Live page: Interest rate rises to 3% – the biggest hike in decades