Confidence? It’s in short supply at the Bank of England

The idea that central banks have rediscovered their mojo is not borne out by the diverging policies on rates they are making

There is a school of thought that says central banks, after a decade of running scared, have found their mojo again.

Their anxiety stemmed from the 2008 crash, when banks panicked in the wake of the US sub-prime property crash and drained the financial system of funds. Only the central banks could make up the difference - with a lending programme known as quantitative easing - and it has been the same story ever since.