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Many are predicting inflation to top 4% next year. If consumer spending was fuelling inflation and we were all out happily blowing cash, a rise in interest rates would bring us back down to earth sensibly. But if the inflation is caused by prices going up, raising interest rates will just have a further negative effect on the economy wouldn't it? Apologies for my misunderstanding of basic economics!
If your country isn't full of consumer debt then you can use interest rates to influence things, how many people can cope with an interest rate rise?
A friend does a lot of analysis of debt and spending, there is a point where spending on luxuries/nice to haves drops off (various indicators depending on your demographic) and then x months later loan/mortgage defaults/late payments occur.
Not much you can do, 4% seems mild considering how much stuff we import and cost of freight etc.
I would imagine the current plan is to either avoid Brexit, or Brexit in such a fashion we retain our trade position with the EU and the £ recovers.
Still, blue passports eh? (which I'm sure were actually Black pre-EU).