The UK is basically in the same economic position as the US. Plus we have a currency that's starting to collapse, and spiking energy costs. And serious political issues that will likely become economic issues very soon (starting a trade war because nationalism for instance). And we are much less competitive.<p>The BoE has very few other options at this point.
The Bank of England is raising rates to try and dampen demand, meanwhile later today the Government are having a "mini-budget" where they will cut taxes to try and boost demand.<p>Mr Left Hand, may I introduce you to Mr Right Hand.