UK rate cuts must wait, says BoE chief economist
Huw Pill says policy must remain restrictive to tackle persistent components of inflation
Bank of England (BoE) chief economist Huw Pill has said rate cuts must wait until persistent components of inflation are squeezed out.
“The outlook for UK monetary policy in the coming quarters has not changed substantially since the beginning of March,” Pill said in a speech today (April 23).
Service prices inflation, pay growth and labour market tightness are the three key indicators used by the monetary policy committee to measure inflation’s persistence. Pill said there has been little news
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