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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!