BoE chief economist Huw Pill warns cutting UK interest rates too quickly has 'upside risks'

MPC voted five to four to cut rates

Bank of England's chief economist, Huw Pill, said he remains worried over the “upside risks” to hitting the inflation target, after he voted against cutting interest rates earlier this month.

In a speech held at a Barclays briefing session, Pill said: "My dissenting vote stems from a concern that the pace of withdrawal of monetary policy restriction since last summer – quarterly cuts of 25bp – is too rapid given the balance of risks to price stability we face. "This is in line with my preference for ‘cautious and gradual' cuts in bank rate expressed over the past twelve months." BoE's Mann defends restrictive monetary policy as 'somebody has got to pay for volatility' He worried that "structural changes in the price and wage setting behaviour" have made inflation persis...