MNI BRIEF: Still More For BOE To Do With Bank Rate Hikes- Pill

Bank of England Chief Economist Huw Pill made clear Wednesday that he believes that the Monetary Policy Committee will have to raise Bank Rate further to address inflationary presumes, having lifted it by 75 basis points to 3.0% at its November meeting.

In an advanced text of a speech to the Institute of Directors, Pill also set out the need for a clear distinction between asset purchases by central banks for financial stability and monetary policy purposes, as highlighted by the Bank's buying of gilts following the ill-fated September mini-Budget,.

However, he added that financial stability operations did have implications for monetary policy, "thus highly relevant in deciding the appropriate level of Bank Rate".