Articles and Whitepapers

“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!

With political turmoil or “Polycrisis” inside Downing Street being the more dominant theme for sterling markets over the past couple of sessions, market participants were not primed for a pronounced shift in bias from the Bank of England’s Monetary Policy Committee (MPC)at their first meeting of the year.

The Bank of England did its Dickensian best to keep the Ghost of Xmas Present onboard with a 25bp cut to 3.75% yesterday, but it remained true to its scrooge-like approach to signalling further interest rate cuts in 2026.

When are they gonna come down, where are they going to land?