BoE’s Pill: We do not need to raise rates to bear down on inflation

“We do not need to raise rates to bear down on inflation,” Bank of England (BoE) Chief Economist Huw Pill said in a presentation to the Institute of Chartered Accountants in England and Wales (ICAEW) on Thursday.

Further comments

Inflation remains much too high.

We need to deliver the restrictiveness of monetary policy embodied in BoE forecasts for falling inflation.

Maintaining restrictive stance of monetary policy key to meeting inflation target.

Restrictive monetary policy needed to weigh against inflation persistence.

No sign yet of a decisive turn in domestically driven services price inflation.