British Inflation Target Is A Joke
As a result, the pound, which has already dropped by 7% against the euro and almost as much against the dollar this year, fell to new lows. That drop will of course, by raising import prices and increasing nominal export revenue, help push price inflation up further, perhaps closer to 3.5-4% than 3%.
If you push for further inflationary measures when inflation is above the target, and according to your own forecasts will remain so, how can the Bank of England still even pretend to be committed to the 2% target it is supposed to follow?
Here in Sweden, the central bank has also tended to deviate from the inflation target, partly deliberately as in Britain but in the other direction with inflation being below the target (it's currently 0.7%) to discourage households from increasing their debts. The Bank of England seems by contrast hell-bent to make Britons even more indebted than they are today.