Growth downgrades and the rise in bond yields in recent months have wiped out the £9.9 billion margin that Reeves left in her Budget in October against her “stability rule” that day-to-day spending must be covered by taxes.

Wall Street focused on jobs market update 07:52 , Graeme Evans The US jobs report for January is due to be released later, with Deutsche Bank looking for a non-farm payrolls figure of 175,

To the extent that we can communicate what we think are the appropriate financial conditions for the UK economy, a larger move is a superior communication device, in my view,” Mann told the FT. Mann is due to give a speech at Leeds Beckett University this morning.