The Bank of England quoted reason is explicitly to suppress demand: https://www.bankofengland.co.uk/explainers/how-do-higher-interest-rates-help-to-lower-infla

The Bank of England quoted reason is explicitly to suppress demand: https://www.bankofengland.co.uk/explainers/how-do-higher-interest-rates-help-to-lower-inflation https://www.bankofengland.co.uk/explainers/how-do-higher-int... It's hard to see how that's not synonymous with increased unemployment, particularly given the oft quoted Phillips curve and the NAIRU.