From what I saw, the dollar was significantly gaining on the pound. It could potentially slow down the pound in the interim. It will most definitely increase in

From what I saw, the dollar was significantly gaining on the pound. It could potentially slow down the pound in the interim. It will most definitely increase inflation further at a time of stagflation. They probably justified that they had to do it because once you get into a deflationary cycle it feeds on itself. There have already been a number of policy mistakes worldwide (ECB did the same thing early on). This is just a drop in the bucket.