MNI BRIEF: BOE's Pill-Need Fresh Proof Not To Hike

Bank of England Chief Economist Huw Pill said that the burden of proof had shifted and he needed to see evidence for not tightening policy rather than for tightening.

"In September I was still seeking data to confirm my assessment of the strength of the post-pandemic recovery and accumulation of inflationary pressures, now I scan incoming information for challenges to that view," he said, adding that the post pandemic recovery was well-established.

He warned against placing much weight on policy guidance over where policy would be much further ahead, given its conditional nature and the level of uncertainty. Pill did not vote for a hike at the November Monetary Policy Committee meeting but later said that the decision had been on a knife-edge.