The overwhelming consensus in the market is that the MPC will keep UK rates unchanged and that there will be no change in policy despite the rollercoaster that sterling is currently on.
I don’t know whether any of you remember the bad old days with Nigel Lawson (he’d have been better off becoming a chef like his daughter!!) when he raised and lowered rates all on the same day. Cable rallied 500 pips, fell 800, and finished the session more or less unchanged to the pip. All it cost was about a bucket of sweat.
