The important question seems to be "how high do rates need to go in order to force the state to curtail spending?"

Let's recap
Inflation is high
So the central bank raises interest rates
Which is supposed to suppress demand
And so disinflate prices
But
The private sector is dead
The government killed it with lockdowns in 20/21 and it has never recovered
All job growth is by the state
And the state will not curtail spending in face of higher rates, in fact
They will spend more to fund the interest
And they will spend more again with welfare to support people who are struggling with higher rates
In fact as rates increase, and their spending increases, thus inflation will increase
So the central bank will raise interest rates
Again
Ad infinitum

Oh dear

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Two sharks in the ocean pool.
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