Cable has given up around a full cent in early European trade, presently down around 1.6015. There are strong expectations the BOE will move soon to ease monetary policy further in the face of continuing evidence the economy is cooling rapidly. A cut of 50 bps could indeed come as early as next week. There are some economic data releases scheduled for 9.30 am local time. M4 money supply for September is forecast to grow 1.4% mom and 12.2% yoy. Net consumer credit for September is expected to come in around £1.0 bln, lower than the previous months £1.2 bln. Mortgage approvals for September are expected to remain unchanged from previous month at 32K. Elsewhere U.K. Chancellor Darling appears to be preparing the ground for increased government borrowing. In a speech to be given this evening the Chancellor says that it “is natural that the conduct of policy should evolve. Just as markets change, so should policy.” This is a hint to the early revision of rules governing borrowing by the government.