Of course the side effect of increasing inflation is it devalues debt over time and the decrease in the pound makes imports more expensive thus rationing them.
The alternative to 'austerity' is what exactly? Continue to spend...? Sure, they could spend on capital projects, but we'd all be raped by Crapita, incompetence and bloody-minded short-termism.
You didn't mention the sainted Jeremy BTW... Is it just me who thinks Jezza has more than a passing resemblence to Davros, especially when he's doing PM's questions, Theresa's winding him up and he sounds just like like Davros too.