Last week, as is usual in these days of the necessary correction, was all about interest rate cuts.
The Bank of England came out top with a surprise 150 basis point cut. Aggressive, or what… the question now being whether it will be passed on by the banks and lead to any real benefit… The largest rate cut since Tony Blair cut loose the Bank of England in 1997 apparently…

The Guardian strongly suggests that part of it was down to pressure from Tesco – the Guardian has a complex relationship with Tesco, since their allegations, partial retraction and on-going legal action, concerning Tesco tax avoidance/evasion.
What sort of country is run by a supermarket chain? One based on consumerism, I guess. GBP is going to be nervous for the forseeable…

The European Central Bank cut interest rates by a mere 50bp to 3.25%. Some thought this too cautious a reaction, but EUR rose 0.5% against USD over the week

And Elizabeth Windsor was heard to enquire, when being shown round some City institution this week (cut red ribbon, smile) – “If these problems were so big, how was it nobody saw them at the time?” The age-old question. Not the question to be asked – “Who regulates the regulators?” is another possible…