On Friday evening we got quite a significant policy speech from the Bank of England. This is partly because of its structure as of the 9 members of the Monetary Policy Committee some 5 of them are “insiders” under the patronage of the Governor. So if the operate as a pack which they usually do they can overrule the 4 external members in theory. In practice we have a situation where Governor Bailey has suggested he may soon be considering interest-rate cuts and we already have one external member ( Swati Dhingra) voting for them. So when the “markets and banking” Deputy Governor Dave ( Sir David to his friends) stood ... (full story)