What is the alternative to this? It is, of course, quantitative easing. If the government announced a £100 billion bond buying programme to fund the emergency energy price support that it is providing over the next year, using the precedents of 2009 and 2020 as wholly justifiable excuse, the market would not be phased. And what would immediately happen as a result is that the pressure on sterling would be reduced, considerably.
The way to increase the value of sterling is to print more sterling.
It’s the way ‘e tells ’em.