That makes much more sense

[mdlbear]

According to this NY Times article, the liquid explosive planned in the British plot was HMTD.

A chemist involved in that part of the inquiry, who spoke on the condition of anonymity because he was sworn to confidentiality, said HMTD, which can be prepared by combining hydrogen peroxide with other chemicals, "in theory is dangerous," but whether the suspects "had the brights to pull it off remains to be seen."

While officials and experts familiar with the case say the investigation points to a serious and determined group of plotters, they add that questions about the immediacy and difficulty of the suspected bombing plot cast doubt on the accuracy of some of the public statements made at the time.

"In retrospect," said Michael A. Sheehan, the former deputy commissioner of counterterrorism in the New York Police Department, "there may have been too much hyperventilating going on."

Some of the suspects came to the attention of Scotland Yard more than a year ago, shortly after four suicide bombers attacked three subwav trains and a double-decker bus in Londo~ on July 7, 2005, a coordinated attack that killed 56 people and wounded more than 700. The investigation was dubbed "Operation Overt."

(from cryptome)