Banking on the Bank of England?

One primary task of the Bank of England is to keep the UK's rate of inflation within manageable limits. The bank has, however, only one 'lever' to perform this task. It can change the rate of interest. James Meadway (Director of the Progressive Economy Forum) maintains this will not control current rampant inflation (https://www.theguardian.com/commentisfree/2023/apr/26/bank-of-england-huw-pill-inflation-wages-prices). The 'logic' behind the Bank of England's 'strategy' is, that increasing interest rates is likely to drive up unemployment. This will, they feel, force workers (especially in the public sector) to curb their pay demands. The UK's current 'cost of living crisis' is due, however, to surging costs of energy and food. This country imports circa 50% of both requirements. At the same time, multinational fossil fuel companies and agribusinesses are currently taking massive profits. These drive up costs, 'lower in the food chain'. Increasing the UK interest rate has no impact on multinationals. Meadway has some sensible advice. Firstly, the Bank of England should stop trying to moderate inflation, by raising the interest rate. This just makes all workers poorer. It's not going to help productivity. Secondly, we should accept that wage and salary increases need to match or better the rate of inflation. Otherwise, we will have no services with doctors, dentists, nurses, teachers etc. Thirdly, accept that price controls are needed on essential products. This applies, as much to basic foods, as it does to energy. Finally, and fourthly essential products and services must have public investment. Privatisation (of water, gas, telecommunications, postal services etc) has actually made it more difficult to have functional services. Markets are not in the business of increasing human satisfaction.