stephen isaacs: there is an interest-rate differential.oor treasurers sitting in europe, they are getting minus bonuses on their deposits, and there is, i am afraid, a policy or tendency to pass them where they're not getting penalized to have their money on deposit. the interest-rate differential and ittious late wide may edge a little higher. it does not in itself make a big difference, but that effect is there, cannot deny it. mark: my battle of the chart today is the bank of england decoupling from the fed? last twolly in the decades, the banks go three months later. will it closely followed the fed? the britishcs: economy is somewhat in the middle of the atlantic, not 23 miles from the continent. yes, the british economy is affected and they will monitor the policy more closely than our european cousins, which is rightly saw positive interest rates. if we were totally european economy, very without negative interest rates like the ecb, so your decoupling is there. you are right. does that mean the bank of england has to follow a small