The Bank of England really should not send out the wrong signals to markets – it’s incompetent, at best

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From the Bank of England this lunchtime.

After all the huff and puff about increasing rates they did not - leaving markets dashed in their almost unanimous expectation that a 0.15% was just about certain.

Andrew Bailey really can't manage this process. In any other job he would be sacked for sending out such grossly misleading signals to the market.

But at least they made the right decision, for now.