It would seem the UK Gilt storm spotted by Liam Halligan is further reflected in this chart, with UK inflation coming down to 14.2%, from 16.7% last month. The Bank of England is playing funny games, and the only way I'll be able to make sense of this is to find their own figures on 'excess reserves' as in the Fed article below.
If anyone knows where the BoE keep their excess reserve figures on their website, I'd be obliged to find out. As navigating around that horrible site is tantamount to traversing the Circles of Hell.
Latest M4 figures, here.
Link to May 2009 M4 figures.