Every month the BofE raises the interest rate bit by bit, knowing inflation is so high and knowing they had to raise the rates quite high, why do it so slowly?
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See: “Volcker Shock”. The Fed did this in 1980 to curb inflation causing two recessions. Mortgage rates skyrocketed and a lot of farmers in debt went bankrupt cause they couldn’t afford loan payments anymore. Depending on who you ask, it was either a genius move or an unnecessary punishment on the working class. When the Fed raises its rates, interest rates on ALL debt go up as well. So if you have credit card debt, a mortgage, business loan, etc., your payments become more expensive and it can get to the point where you can no longer afford them. High interest rates also tend to lead to high unemployment.
Whether you view the results of the Volcker Shock as good or bad, it was politically unpopular. The Fed has since decided that a softer approach where interest rates are increased gradually until inflation comes under control is the better approach.
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