Huw Pill says rate cuts could fuel inflation resurgence and urges colleagues to be cautious before making further cuts
The pace of UK interest rate cuts has been “too rapid” at a time when pay packet increases remain strong and could fuel a resurgence in inflation, according to the Bank of England’s chief economist.
Huw Pill said on Tuesday that workers were proving to be more successful than previously thought at boosting wages and this should give policymakers reason to pause before cutting the cost of borrowing again.