Bank of England's Chief Economist Calls for Caution
The Bank of England's chief economist, Huw Pill, has urged rate-setters to be "more cautious" when reducing interest rates due to concerns over stubborn inflation.
He stressed that it is important that rate-setters at the bank do not seek to cut borrowing costs "too far or too fast".
Pill expects further cuts in the interest rate over the next year if conditions are in line with expectations. The Bank's Monetary Policy Committee (MPC) is expected to keep interest rates at 4% next month after a recent uptick in inflation, which was recorded at 3.8%.
- Current interest rate: 4%
- Target interest rate: 2%
- Recent inflation rate: 3.8%
Author's summary: Bank of England's chief economist urges caution on interest rate cuts.
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