Whilst the ECB's inflation credibility problem remains an issue given where EUR is trading, the BoE has its own inflation issue to tackle now due to the threat that a No Deal Brexit & a sharp GBP fall poses. UK breakevens are moving higher (and not in a good way). It's for this reason that we don't think the BoE, nor the ECB, would allow a world in which EUR/GBP trades at parity.