Here is a recent overview of the Guyton Klinger rules (UK version).
Guyton-Klinger's Sustainable Withdrawal Rules for Retirement Portfolios - FinalytiQ
I follow a sort of simplified version of this by not doing any inflation adjustment, and letting my withdrawal track with the portfolio performance (fixed % of remaining portfolio). After a negative year, my withdrawal drops in $ term - I take a pay cut proportional to the portfolio loss. But after a good year, I get a raise proportional to the portfolio gain. Rebalancing guarantees that withdrawals are only taken from whichever asset class outperforms.
I didn't try to start with 4.7% or whatever withdrawal rate.
Spending is managed by not letting our "essentials" budget grow to match our portfolio growth. That way it's mostly our discretionary spending that has grown over time, and we usually end up with excess at the end of the year which we set aside to spend whenever we like in the near future. The advantage of discretionary spending is that it can be cut, if necessary, without much pain.