Pound sterling: UK nerves jangle again

The UK’s sanguine summer has suddenly turned unsettled. Not for the first time it was the Bank of England that changed the weather. Its decision last Thursday to print another £50bn has coshed the previously resurgent pound, which fell by 3% against the US dollar in just two trading sessions. The storms could get worse as soon as the autumn. The central bank’s response to the pound’s immediate fall is likely to be “Oh dear, what a pity, never mind.” Spencer Dale, the bank’s chief economist, desc...