Three policy takeaways from today's better UK #inflation data... 1. Can safely rule out any further interest rate hikes from the #BankofEngland, even if the first cut is probably still some way off. 2. At least one of #Sunak's 5 targets has been hit - inflation has halved. In my view, this is due to monetary tightening and lower global commodity prices, rather than anything the government has done. Nonetheless, loyalists will argue that inflation would have been slower to fall if the government hadn't also taken 'tough decisions' on public sector pay, spending - and tax... 3. Hitting the inflation target removes one obstacle to tax cuts in the #AutumnStatement, although any big changes on personal tax will surely be saved until nearer the election.