The Governor should keep base rate where it is this week. The problem is not that base rate is too high. The problem is the shortage of money at sensible rates for the banks to borrow and lend to customers. That requires a different fix.
It has been fashionable this week for people to find it too difficult to get to work. The MPC could proftably catch that habit this month. Their track record has been so poor, keeping rates too high for too long, and now taking them down in panic to levels where savers are badly damaged. At a time when it is also fashionable to say banks should just collect deposits from the public and lend that money on, they should be careful not to make it even less worthwhile to place money on deposit. Penalising the savings habit at a time when they want the financial system to rely on savers is silly.