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MNI BRIEF: Significant BOE Hike Still Needed In Nov - Pill

(MNI) London

Events have moved very quickly in recent weeks and the November seems a long way away but Bank of England Chief Economist Huw Pill said Wednesday he was still leaning towards backing a significant rate hike.

"I am still inclined to believe that a significant monetary policy response will be required to the significant macro and market news of the past few weeks," Pill said.

The MPC will have the full fiscal arithmetic following the Budget on Oct 31 to factor into its November decision, but Pill highlighted various factors making the case for substantial tightening. These included a tight labour market, which has been hit by falling labour supply, the risk of second round effects from high energy prices and the additional fiscal support announced in the mini-Budget. (MNI INSIGHT: Energy Package Too Late To Sway Sept BOE Decision)

MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
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MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
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