Bank of England is cutting rates too quickly, warns its chief economist

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The Chief Economist in the Bank of England warned that it had reduced the rate very quickly, and argued that its policymakers should have kept the level given to the ongoing inflation diligence.

Hugh Pill, who opposed the quarter-point reduction earlier this month, said he was in favor of “avoiding” the “avoiding” rate of “stop” the process of “stop” the process of fully reduction in this quarter.

He also added: “The point of my inauguration should be ‘alert’ to reduce bank rate, we have been running slowly than every quarterly 25BB since last August.”

When it was fighting against high inflation in 2021, the bank’s original rate returned to “very low level”, he added that the Monetary Policy Committee started to cut the rate “shortly” last year.

Pill The central bank has begun a series of caution as a series of reduction in multiple rates. He said that when inflation is progressing towards 2 percent of the target, “the sterilers have shown signs of hurry.”

Specifically, the pace of decrease in the underlying salary has slowed down, while on the other hand the inflation of the main services remains “negligently strong”.

Meanwhile, he was seeing new strength in the business survey indicators, while on the other hand the family inflation expectations are increasing.

All of this comes against the background of about four years of target inflation, about four years above the pill, adding a pill at an event organized by Berkless.

He added: “In short, I am concerned about the opposite risk in achieving inflation goals.”