I couldn't resist linking back to this article by Andrew Sentance, arch hawk and ex-MPC member, in the FT. That was 2012, when, as he wrote, oil was 'picking up again', and back to about $125 a barrel. How do you think he was suggesting policymakers respond to that? Of course, by raising interest rates, to ensure that expectations were anchored, and the oil price did not feed through into a broad-based rise in inflation.