The Bank of England has declared war on the most vulnerable people in British society to delay the inevitable destruction of financial asset valuations. The best we can say is that the BOE is more forthright than the Fed about its true intentions. The U.S. dollar and pound sterling will soon be in a race to the bottom, right after the euro implodes of course. If the BOE has to throw savers under the bus, it should at least be a London double-decker bus. God save the Queen.
Full disclosure: No position in the U.K. pound or any derivative thereof at this time.