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The Bank of England sat on the sidelines Thursday at the September rate hiking party after the ECB (2.5%) the Fed (3.875%) and the Bank of Japan all raised rates by 25bp.

The BOE policy rate remained at 3.75%, the developing drought in policy changes mirroring that of the UK’s weather patterns in 2026.

For those wanting a quiet session, after cheering England’s victory into the early hours, the BOE didn’t disappoint.

“Never forget where you’re coming from” is the chorus line to a Take That hit from 1995 and much of yesterday’s policy decision and press conference was metaphorically sung in that vein.

What a difference a month makes!