There's an interesting piece in The Guardian this morning on the Bank of England and interest rates. It looks as though there won't be a rate cut next month.
The reason for this is partly because economic data and in particular inflation is ahead of what would be ideal for a cut, but mostly that we've been kidding ourselves if we think the Bank of England has the whole economy as its brief. It doesn't, its target is inflation and nothing else.
Which makes a lot of the commentaries that have appeared on productivity, growth figures and a good deal else look a little naive.
