Britain: Sterling Signs: Good & Bad

Every Thursday morning, in a ritual as fixed and revered as the changing of the guard, the Bank of England's 18 di rectors meet behind its Corinthian col umns and mahogany doors to plot their strategy for protecting the pound. In measured tones, they debate how much money to borrow in the domestic mar ket, whether to buy or sell sterling in foreign markets and — most important —whether to change the bank's interest rate. After each meeting the chief liai son man, Peter Daniell, dons his top hat, starts on a 21-minute walk across Bartholomew Lane in London's...

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