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Bank chief says further interest rate hikes needed to control inflation

The Bank of England’s chief economist has said that interest rates are unlikely to reach the 5.25% peak that markets have predicted, but cautioned that monetary policy cannot be put on “autopilot”. Huw Pill is set to tell an audience at the Beesley ...

23 Nov 2022 at 18:29

Market sell off has ‘UK-specific component’, Bank’s chief economist says

The country’s most senior economist has said that the current economic woes facing the UK are in part home-grown after the Prime Minister blamed them on Russia. Huw Pill, the chief economist at the Bank of England, said there is “undoubtedly a ...

29 Sept 2022 at 18:27

Inflation ‘guaranteed’ to fall in 2023 unless new global shock hits, says Bank

Policymakers at the Bank of England have said inflation is almost “guaranteed” to come down rapidly this year unless there is a new, unexpected global event. Andrew Bailey, the Bank’s governor, told MPs during the Treasury Committee that he ...

09 Feb 2023 at 13:14

Bank’s chief economist says UK economy still set to contract this quarter

A flatlining economy is “somewhat disappointing” but still a significant improvement from the Bank of England’s previous forecast of a deep and prolonged recession, its chief economist has said. But the UK is still expected to contract by ...

13 Apr 2023 at 16:21

Bank of England admits it made errors in UK inflation forecasts

The Bank of England has admitted it made errors in its forecasting of UK inflation, and said it has some “very big” lessons to learn over how it decides monetary policy. Policymakers faced criticism during a Treasury Committee meeting ...

23 May 2023 at 15:14

Bank’s chief economist says inflation persistence still a concern

The Bank of England’s top economist has suggested there are still worries about lingering price rises in the UK, even though inflation returned to its target level in May. Huw Pill however said it is fair to say that interest rates ...

10 Jul 2024 at 16:17

Governor says economist chose wrong words with ‘accept you’re worse off’ comment

The Governor of the Bank of England has suggested that the Bank’s most senior economist chose the wrong words when saying that people and businesses should accept they are poorer now because of inflation. Andrew Bailey said that ...

11 May 2023 at 16:24

Bank of England economist Pill admits poor wording over living standards comment

The Bank of England’s top economist has said he should have been more careful over his wording after he faced criticism for indicating that some British households or businesses “need to accept” they are poorer. Huw Pill, chief ...

15 May 2023 at 18:26

Bank’s chief economist says Brexit played a part in inflation surge

The Bank of England’s chief economist has said that Brexit has had an impact on the labour market and may have played a part in driving up inflation in the UK. Huw Pill said Brexit has reduced trade between the UK and Europe ...

30 Nov 2022 at 15:22

Someone will have to get poorer to end runaway inflation, says Bank economist

Someone in the UK must accept that they are poorer otherwise inflation will stay persistent, the chief economist of the Bank of England has said. Huw Pill said that people and businesses have responded to higher bills and ...

25 Apr 2023 at 16:21

Bank chief economist warns against making further rate cuts ‘too quickly’

The Bank of England’s chief economist has signalled that policymakers should not cut interest rates too fast at future meetings, after the Bank’s first cut in four years on Thursday. Huw Pill said: “There may be a ...

02 Aug 2024 at 13:50

Cut to interest rates still ‘some way off’, says Bank of England economist

The Bank of England’s top economist has said he believes a cut to UK interest rates is still “some way off”. Huw Pill, chief economist at the central bank, also warned that the economy is currently weak and said ...

01 Mar 2024 at 15:31

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