@intrbiz Na, The government has no power over the Bank of England. Every time they put the rate up, the other banks rub their hands with glee.

Raising interest rates will not stop inflation. Manufacturers et al. will simply pass on higher rates to consumers; it's actually wage control that stops inflation. Less money in your pocket means you buy less higher prices simply means people slap it on the old credit card.

Actually, do away with credit cards, and inflation shrivels to nothing.