Stop printing money! Raise interest rates!

Telegraph
"What was our lowest moment during the financial crisis? I’d say it was being pitied by Zimbabweans because Gordon Brown’s economic mismanagement would lead to hyperinflation.

The cheap money crowd have now been confounded by events: the new GDP figures make a nonsense of the idea that we need further quantitative easing, as the excellent Allister Heath explains. This is not to say that we are already in the broad, sunlit uplands, far from it: there is almost certain to be a slowdown next year. But keeping the pound did the tick. Our exchange rate acted as a shock absorber, allowing us to suffer a the depreciation in our currency instead of in output and jobs. The case for a stiff rise in interest rates, already strong, has now become unarguable."