We both speculating on what may and may not happen, I just think using a blunt interest rate rise tool without touching anything else is not going to be a magic fix, but it will cause misery for millions, which you seem to think is ok as some kind of acceptable collateral damage. I know many people of various wealth like probably many of us here, and I am trying to think of someone who is comfortable now (so splashing the cash) but then would become constrained by a rate rise, I cant think of a single person, they either already tightening the purse strings or will be able to absorb it all, no in betweens.
I think this is been done as banks operate based on what may have worked historically and dont have much tools at their disposal, they not the government, just bankers.