It’s still a whisper, but voices are beginning to question whether the Bank of England’s commitment to heroic rises in interest rates may not only be the wrong strategy to tame inflation in the current crisis, but may actually be making it worse. Orthodox economic prescriptions reflect a textbook scenario where inflation is caused by excess demand in the economy, driving up prices for wages, goods and services. Tightening monetary policy can provide the “touch on the tiller” to reduce incomes...