In the very long term, the Bank of England's decision to cut its bank rate to 1.5 per cent was a historic admission of defeat. Money has not been cheaper since the bank was founded in 1694.
But in the short term, the effect of the cut was more complex.
There is a chance that it helps end the recent run on sterling. The pound's structural problems, such as the UK's overextended housing sector and its effect on financial services, have not gone away. But in the game played on the markets, the surprise was that the BoE had not cut by more.
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