Bank of England's Chief Economist Urges Caution on Interest Rate Cuts
The Bank of England's chief economist, Huw Pill, has called for a "more cautious" approach to reducing interest rates due to concerns over stubborn inflation.
Pill stated that he "would expect further cuts" in the interest rate over the next year if conditions are in line with expectations, but emphasized that rate-setters should avoid cutting borrowing costs "too far or too fast".
He stressed that it is important that rate-setters at the bank do not seek to cut borrowing costs "too far or too fast".
The Monetary Policy Committee (MPC) is expected to keep interest rates at 4% at next month's meeting, following a recent uptick in inflation, which was recorded at 3.8%.
- Interest rates are expected to have peaked at 4% in September.
- The target rate set by the bank and the UK Government is 2%.
Author's summary: Bank of England's chief economist urges caution on interest rate cuts due to inflation concerns.
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