Timid

It seems that the Bank of England's recent 1.5% cut in rates was not as bold as some commentators had first believed.

According to minutes of the Monetary Policy Committee (MPC), members had wanted to cut rates by 2%. However, they were afraid that such a cut would be too much of a shock for the financial markets.

We are facing the worst recession in decades, under these circumstances assertive bold leadership is required; yet the Bank continues to dither.

The upside to the dithering is that clearly another rate cut is on the way.