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the global monetary pivot that was what some commentators were declaring on wednesday, after the us federal reserve said it had probably finished raising interest rates, and signalled it was planning to start cutting them next year. but clearly, neither the european central bank nor the bank of england got the memo. they left their rates on hold and said it was too early to talk about cutting them. in fact, here in the uk, three members of the bank of england monetary policy committee actually voted to raise the interest rate above its current level of 5.25%. the bank is worried that inflation the rate that prices are rising is still not under control. our economics editor faisal islam reports # last christmas, i gave you my heart.# liverpool s christmas market the festive spirit is here, but little sign of a marked upturn in the economy. people here continuing to have to cope with new surges in the cost of living, even as inflation slows. i sold my car last week. car

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