Daily Management Review

Bank of England’s chief economist urges to keep rates at restrictive levels


Huw Pill, the chief economist of the British Central Bank, argues that the Bank of England should maintain its tight monetary policy, writes the Financial Times.

Peter Thwaite
Peter Thwaite
"We don't need to raise rates to keep inflation under control," Pill argues. - "It will keep them at the present restricted level."

Pill stated on November 6 that he did not believe market predictions that the Bank of England will begin decreasing interest rates in mid-2024 were "completely unreasonable."

"That's the point at which you can rethink or reassess, if nothing new happens, where we go from here," he said during the central bank's online event. - "Of course, given the way the world works, nothing is likely to change in those nine months."

However, if the Bank of England maintains its restrictive policies for too long, it may cause a recession, according to Pill.

source: ft.com