Not all views are bleak for savers. Antonia Medlicott, founder and MD at London-based Investing Insiders, urged prudence amid the turmoil, stressing: "If inflation hit 4% in September, then the Bank of England is more likely to delay previously anticipated cuts to avoid fuelling further inflation. A hold on the base rate probably means savers won't be suffering from any knock-on effects to the interest they're receiving -- and that's no doubt a relief to those who were expecting cuts.

"But, high inflation still gives them a headache because it now means their money has to work even harder to keep up. Those keeping cash in accounts paying less than 4% need to face the fact their money is losing purchase power. And if that happens, it's time to shop around. Even in these circumstances, there are still good rates to be had. Be prepared to look at the digital banks though as that's often where you'll find the top offers and rates."

Anita Wright, a chartered financial planner at Ribble Wealth Management, offered a nuanced take on the policy bind. "Inflation -- standing at twice the target -- would not be alarming if it were paired with convincing, near-term growth. It is not.

"Labour has talked a good game on 'growth', yet recent measures are anti-growth, squeezing disposable incomes and, by extension, the 60% of GDP driven by consumer spending. If households feel poorer, they spend less; if they spend less, businesses invest less; and if investment slows, productivity stalls."

Ms Wright continued: "In principle, Bank of England should not cut rates while inflation remains sticky. In practice, with public balance sheets heavily indebted, a prolonged downturn risks doing more damage than a period of above-target inflation.

"The likely path is earlier-than-ideal rate cuts, tolerating negative real yields as a deliberate way to ease debt burdens -- an old playbook last used to good effect after the Second World War. As for the health of 'UK Plc', resilience is not the same as dynamism. Policy must shift from revenue-raising to productivity-raising."

Speaking at the weekend, Ms Reeves blamed Brexit for Britain's sluggish economy, saying: "The UK's productivity challenge has been compounded by the way in which the UK left the European Union."

Rachel Reeves slammed as UK economy on 'toxic' path to inflation chaos