the BoE

"That may also mean that the BoE has been able to think more creatively, " said Barclays Capital economist Julian Callow.

The answer appears to be the BOE has underestimated the inflationary impact of the sharp decline in the value of sterling.

Andrew Sentance, the arch-hawk (or Axel Weber of the BOE) reiterated his view that rates should rise to combat inflationary pressure.

The highlight of the week is Thursday with the BOE rate meeting and Friday ends it with the producer prices report.

Besides, the BOE still expects inflation to fall back below 2% later this year as the impact of lower energy bills feeds through.

That could put another dent in the BoE's economic outlook and encourage policymakers to keep rates for longer.

Does this mean the BOE was wrong to embark on quantitative easing? Not necessarily.

The BoE July minutes revealed that the vote was unchanged with a 7-2 decision.

Will it really loosen capital requirements in order to align itself with the BOE?

Then the BoE bought some gilts, and the yield came all the way down to 3. 27 per cent.

The BoE minutes was first up, with a rosier picture of the UK economy than last week's events would have suggested;