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This would wipe out the headroom the chancellor has to meet her spending and borrowing rules, and could mean further tax rises or spending cuts.

Conversely, an increase would make borrowing more expensive, but bring better returns for savers.

On Wednesday US President Donald Trump announced new global tariffs, which could hit the UK's economic growth and wipe out the headroom the chancellor has to meet her spending and borrowing rules.

She was the first in her family to go to college, and then law school, borrowing “every penny” for her education, she said.

“As long as interest rates are lower, borrowing costs are managed and as long as you’re paying back the debt.”