LONDON (Reuters) – The Bank of England still has “some work to do” to make sure inflation falls back to the central bank’s 2% target and stays there, BoE Chief Economist Huw Pill said on Monday.
“We still have some work to do in order to get back to 2%.
And we probably have some work to do to ensure that when we get it back to 2%, we do so in a way that is sustainable,” Pill told an event hosted by the OMFIF central banking forum.
Last week Pill said the question of whether the BoE would need to raise interest rates further was “finely balanced”.
Pill was among the majority of Monetary Policy Committee members who voted last month to keep interest rates on hold at 5.25%, the first time the BoE has voted not to raise rates since it started its tightening cycle in December 2021.
(Reporting by David Milliken; Editing by William Schomberg and William James)
