Bank of England chief economist Huw Pill: Interest rate cuts remain 'some way off'

'Relatively cautious approach' to rate cuts

The Bank of England’s chief economist Huw Pill has said interest rate cuts remain “some way off” despite “satisfactory progress” in returning UK inflation to target.

During a speech in London today (23 April), Pill said his assessment of the monetary policy stance had mostly remained unchanged since his vote to maintain the Bank's base rate at 5.25% in March.  The economist said the combination of little news and the passage of time have brought a Bank rate cut "somewhat closer", but noted the "lack of news" since the last MPC decision gives him "no reason" to depart from the baseline that it is too early to cut rates. BoE's Huw Pill: Interest rate cuts possible as 'reward' for lower inflation Pill noted that seeing headline inflation fall towa...