The real reason for low interest rates is to penalise savers and benefit debtors and of course to bail out the banks, even today Mark Carney has made this clear stating:
"“Governor [Mervyn] King and his colleagues made tremendous progress on improving the balance sheets of the banks. We need to finish the job.”
So lets be honest the inflation target is effectively no longer operational, it is about squeezing real wages for the rest of us to bail out the reckless banks. A bad start Mr Carney.