Investors keep faith in the Bank - Financial Times

Another way of saying prices have doubled is to say, as an honest Harold Wilson might have put it, the pound in your pocket is worth half what it was. Higher inflation means, all else being equal, a weaker currency.

All else is not equal. British consumer prices rose 4.4 per cent in the year to February, higher than expected and more than double the Bank of England's target. Rather than falling, the pound rose.