In the other direction, a hard Brexit would constitute a much more disruptive environment, in view of the lack of clarity about the future UK-EU27 relationship under a hard Brexit and the absence of a road map as to how this future relationship will be negotiated.
But let us go back to our starting point – bringing down inflation, although it entails costs that are not insignificant for the NBS, for banks or the Government, is a priority, because low inflation creates real scope for lower interest rates.