Britain had really bad inflation awhile back. The cabinet tried to stop it by imposing pay caps, which sounds really dumb. "Crisis? What Crisis?"
Let's assume that the goal of Britain is to bring inflation to an annual rate of 3% by the end of 1979, down to 2% by 1980, make the annual rate of inflation from 1982 to 1985 -0.333%, and do it with the least harm to long term economic growth? Some inflation fighting measures like gutting out the education budget to run a budget surplus (budget surplus can fight inflation) are bad for long term growth.
What is the best the cabinet(s) can do to achieve that? The Bank of England controls the interest rates and they are supposed to be independent of the cabinet. This leaves trying fiscal measures, administrative decisions, and passing laws. Pay caps have been proven in OTL to just cause a railroad strike.