Midday came and went, and with it the annoncement that the Bank of England’s Monetary Policy Committee had kept the base rate at 5%. The September meeting was over and nothing had changed.

With commodity prices having peaked and now in a consolidation phase, let alone what is happening to house prices and real per capita GDP, I had hoped that they’d surprise and cut. Adding some wind to Darling’s housing hodge podge from Tuesday.

I was wrong.

Now we need to wait a fortnight for the publication of the minutes to see who voted for what. The question being, how many voted for a 25bp cut and how many, if any, voted for a 50bp cut?