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If sterling went into a slide for lack of its interest rate prop, inflation would quicken mechanically and the Bank would be driven to crank up interest rate whatever the side effects.
happens, and again and again.
It is going to be an evil regardless.
Now they stand to face demands for a great deal more than the 20 a month or so that normally comes with a quarter point on Bank Rate.
In the housing market it coincides with the expiry of the 4.5 per cent fixed rate deals that were so popular two years ago.
But it does take some of the edge off inflation.
Then, when you finally pull so hard that you dislodge the brick, it shoots back and whacks you in the face.
Still, none of that necessarily makes yesterday's increase the lesser evil.
British petrol prices have stood still while the price of crude always quoted in dollars has shot back up above $73 where it last was 10 months ago.
You pull again, nothing Omega Speedmaster Professional Black Leather
This is wretched for West Midlands exporters to dollar linked markets.
driven the pound to over $2, when its purchasing power is certainly no more than $1.70.
There is another aspect to this. Relatively high interest rates and the expectation of more to come have Omega Speedmaster 3513.30
The Bank would be struggling to regain its own credibility. Pay claims would have followed the postmen are already striking in pursuit of what is looks uncomfortably like a pre Thatcher public sector campaign.
choice for the Bank of England
But what if the economist Roger Omega Seamaster 50th Anniversary Bootle is right and the Bank is (rightly in his view) hell bent on driving up interest rates, possibly beyond six per cent even if inflation falls back below two per cent?.
Everyone who had one has been shielded from the rising interest rates since last August.
It may or may not harm the economy as a whole, as some commentators feared yesterday. But there have been signs for some while that the earlier interest rates increases are taking the fizz out of consumer spending.
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