Bad News

You know what I was saying yesterday about the Bank of England losing its nerve?

The minutes to the latest Bank of England meeting are out and the big news is that Adam Posen — a well-known dovish member of the board and frequent add advocate of more easing — does not currently support more QE.

The pound just instantly skyrocketed.

chart

Eep. Higher pound, tighter policy. Scarily the Bank didn’t even need to change interest rates to tighten policy, somebody just stopped saying something.

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Good news

A former Libyan dissident who was abducted and flown to one of Muammar Gaddafi’s prisons in a so-called rendition operation mounted with the help of MI6 has started legal proceedings against Jack Straw, who was British foreign secretary at the time.

Finally!