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Pill gives three reasons he has not voted to raise rates

BOE


  1. "Do not see an immediate threat of UK inflation de-anchoring from its 2% target at the policy-relevant medium-term horizon". He warns "'over-steering' with monetary policy runs the risk of adding to economic volatility rather than containing it"
  2. "Shifting to a stance more reflective of the emerging two-sided risks to the outlook required careful preparation after several years of aggressive policy accommodation."
    "I felt that an early cessation of asset purchases would be more likely to confuse rather than clarify our stance. I favoured waiting for the QE programme to reach its natural end in December, as a result of which Bank Rate would be clearly established as the active instrument of monetary policy going forward.... With that in mind, I welcome the prospect of QE coming to an end next month."
  3. "My assessment of the inflation outlook rests on a cumulative assessment of the incoming data... In the absence of a dramatic shock (such as financial crisis), building that cumulative assessment takes time."
    "I recognised that uncertainty surrounded how the end of the furlough scheme would affect labour market developments... There was value in waiting for this uncertainty to be resolved – or at least reduced – before deciding whether to take the first steps in withdrawing monetary policy accommodation."
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