Is printing too much money the real cause of inflation?

Every month, the Bank of England publishes new data on the flows of money and credit around the UK economy. Most commentators focus on the ‘credit’ part – particularly the amount of mortgage and credit card borrowing. In contrast, the ‘money’ part rarely gets a mention. 

This is understandable. After all, good luck explaining what ‘M4ex’ is down the Dog and Duck. (If