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MNI BRIEF: BOE PILL Backs Further, But Gradual Tightening

(MNI) London
(MNI) London

BOE Chief Economist Huw Pill makes the case for further policy tightening and gradualism

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The Bank of England's Chief Economist Huw Pill defended the Monetary Policy Committee's gradual approach to tightening while stating that more would be needed. The MPC was split in May between those seeking a 50 basis point hike and a 25 bps one and Pill made the case for the MPC to tread carefully along the tightening path, with uncertainties high and much depending on the evolution of energy prices.

"This tightening still has further to run," Pill said, while setting out the case for gradualism.

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The Bank of England's Chief Economist Huw Pill defended the Monetary Policy Committee's gradual approach to tightening while stating that more would be needed. The MPC was split in May between those seeking a 50 basis point hike and a 25 bps one and Pill made the case for the MPC to tread carefully along the tightening path, with uncertainties high and much depending on the evolution of energy prices.

"This tightening still has further to run," Pill said, while setting out the case for gradualism.

Keep reading...Show less