But why do you think what things were like in the past is applicable to now? wages are different, jobs are different, the economy is different, the proportion of private renters & social housing all different.
Actually, the big difference is that the monetarism pursued by, initially, Paul Volcker in the US and then the Thatcher government here, was in a macroeconomic environment of high inflation and high unemployment, which is why Keynesian supply-side economics had nothing to offer. Now, in macro terms, unemployment is not an issue - it's labour shortages that's driving prices up.
Whacking interest rates up is not going to make one iota of difference to inflation, and it will make increasing productivity through investment even harder, but it will cause stagnation.
Honestly, I see little scope for monetary policy having any appreciable effect here. I cannot see interest rates rising because it will have no effect on the problem.
The government's problem is that it has no head room for fiscal interventions either because we ran an enormous structural deficit in the Gordon Brown growth years which brought us to our knees, followed by Brexit and the pandemic which put bullets in the backs of our heads. There is an argument that 'helicopter' money, funded by even more QE, may provide short term relief to households but the risk would be devaluing sterling and locking in higher import costs for virtually everything we consume.
The one thing I can say with a great deal of certainty is that we're all going to be a lot poorer, to the point where we'll be at or below where we would have been had we not lived beyond our means for the last 20 years.