BoE's Pill says question of more rate hikes is 'finely balanced'
© Reuters. FILE PHOTO: Chief Economist and Executive Director for Monetary Analysis and Research at the Bank of England, Huw Pill meets with reporters in the Reuters' offices at Canary Wharf in London, Britain, September 5, 2023. REUTERS/Suzanne PlunkettMARRAKECH, Morocco - Bank of England Chief Economist Huw Pill said the question of whether the British central bank had done enough to see off high inflation was becoming more finely balanced after 14 back-to-back interest rate hikes.
He said it was premature to talk about when the BoE might cut rates and reiterated its message that it was likely to keep borrowing costs high for a period. Four of the Monetary Policy Committee's nine members voted for another increase at September's meeting. Pill was in the majority of five that voted for a pause.
Data on Thursday showed Britain's economy only partly recovered in August from a sharp fall in July and economists see a risk of a recession in the second half of 2023.
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