It seems like panic when in fact we need financial stability to rebuild confidence after the disastrous Brexit vote. The way forward is not more fiscal expansion and certainly not more monetary easing but a focus on supply side reform. This would include massive tax reform and simplification, an end to non means tested benefits - I know professors on good salaries getting free travel in London aged 60 what a joke ! An end to the absurd "triple lock" on pensions, less bureaucrats and more front line and better investment in education and training and other measures to improve productivity.
Below are the latest inflation and GDP forecasts from the Bank of England.