‘We Need To Be Careful Not To Cut Too Much, Too Fast’

"It's vital," Andrew Bailey said Thursday, after the Bank of England left rates on hold at its September policy gathering, "that inflation stays low." As BoE decisions go, this one admitted of something that looked vaguely like unanimity. It had the trappings of consensus. Only Swati Dhingra voted for another cut. The BoE, you're reminded, cut rates for the first time since the pandemic at the August meeting, at which four dissenters preferred to hold Bank rate at the highest since 2008. Amon