1. Central Banks at crossroads The Bank of England cut interest rates from 4.25% to 4% in August, but a narrow 5–4 vote exposed deep divisions among policymakers and underscored the complexity of the current environment. Inflation surprised to the upside in June at 3.6%, while GDP contracted by 0.1% in May. Labour market data has also softened, with employment falling in seven of the past eight months and wage growth cooling, though the weakness remains concentrated in sectors like...