Speed and scale of events may force Bank to expedite next rate decision

Amid extraordinary market changes, the Bank of England seems unlikely to sit on its hands

If one looks only at the pound, the governor of the Bank of England, Andrew Bailey, scored a small victory with his statement on Monday about not hesitating to raise interest rates. His line was little more than a weak holding position, but Tuesday's action in currency markets was mostly calm during London trading hours.

Sterling was a shade under $1.08 against the dollar in late-afternoon - not good, but no worse than 24 hours earlier. Huw Pill, the Bank's chief economist, even got through an arranged speech without upsetting the applecart any further.