As long as the labor market remains strong, interest rates will have to be raised

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The chief economist of the Bank of england (BoE), Huw Pill, it said on Friday that as long as the job market remains strong, interest rates will have to gradually increase in the coming months, Reuters reported. The economic outlook remains uncertain, he added, saying the BoE cannot give precise guarantees about what will happen to interest rates.

Pill said the BoE should take a cautious approach to monetary policy, evaluating each decision step by step. He said that if the data evolve unfavorably and inflation is expected to fall below the target on the policy-relevant horizon, the central bank may remain on hold, or even reverse course. The official does not see an immediate threat that the UK inflation disengages from its 2% target in the medium-term horizon.

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