By Chris Dorrell It’s no secret that the expected package of tax cuts to be announced in the Spring Budget will make the Bank of England’s job more difficult over the next few months. But there’s another level on which the government’s economic plans could make containing inflation much more difficult, at least in the long run. This relates to welfare policy. In recent years, cuts to the welfare bill have been the flipside of tax cuts and this is likely to be the case again in the Spring Budget. To understand how welfare policy relates to inflation, you have to turn to the Bank’s most recent M…