UK fiscal dominance check:
Deficit still ~4.2% of GDP, debt ~95%. Private lending growth modest.
Rate hikes curb lending (disinflationary) but lift debt interest costs -> bigger deficits (inflationary offset).
Monetary policy loses potency when fiscal flows dominate.
Worth remembering re the BoE move, that it's mostly about oil/energy costs, and the last two days have seen those change rapidly. Note too though that it highlights UK's ridiculous energy fragility - your mortgage is rising because our MPs refuse to prioritise energy security.