Is the BOE putting up interest rates supposedly to deal with an inflation shock caused by the war in the middle east.

https://www.bbc.co.uk/news/articles/c8d5dee3ep8o

The whole premise of this Thatcherist-Monetarist policy was to reduce the money supply supposedly caused by excessive wage rises in a wage-price spiral.

Of course as has now been recognised by nearly everyone & his dog this was hogwash & the main cause of the inflation wasn't that at all: it was well ... oil supply shocks.

And here we are again, going into an inflationary period caused by what will be a massive oil shock and what's the actual medicine to be prescribed? The very same dumb policy supposed to interfere with a wage-price spiral...and one that gave us the destruction of British industry and recession last time.

There simply is no such causality: leveraging interest rates cannot & will not reduce the price of hydrocarbon energy.

So ..there's the generous interpretation:

-These people are just quack economists who appear to have no idea what they are doing.

And the other, which is that, well, they work for someone else and they know exactly what they are up to: it's just not intended to benefit in any way the UK population or the economy.