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BOE: Pill Careful Not to Overstate Impact of UK Budget on Inflation, Policy

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Pill speaks in front of the House of Lords' Economic Affairs Committee, at which he's set to be asked questions from lawmakers for just over an hour. Recall his backing of "gradual" rate cuts from the MPC, and his acknowledgement of "sticky" pay growth meaning the job on wages not yet done. He speaks today on economic inactivity specifically.

  • Pill's initial comments and questions posed to him in the hearing concern the latest budget - his answers naturally decline to comment on the political aspects, but he does note that the monetary policy outlook is far more concerned with the unwind of COVID and energy price shocks, and is careful not to overplay the significance of the Budget on the BoE's near-term policy path.
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Pill speaks in front of the House of Lords' Economic Affairs Committee, at which he's set to be asked questions from lawmakers for just over an hour. Recall his backing of "gradual" rate cuts from the MPC, and his acknowledgement of "sticky" pay growth meaning the job on wages not yet done. He speaks today on economic inactivity specifically.

  • Pill's initial comments and questions posed to him in the hearing concern the latest budget - his answers naturally decline to comment on the political aspects, but he does note that the monetary policy outlook is far more concerned with the unwind of COVID and energy price shocks, and is careful not to overplay the significance of the Budget on the BoE's near-term policy path.