The chief economist at the Bank of England (BoE), Huw Pill, said on Friday (20) that there is still more monetary tightening to be implemented by the institution.
In a speech at an event organized by ACCA Cymru Wales, Pill said that rising inflation in the UK is the biggest challenge the BoE’s monetary policy committee has faced in the last quarter century.
According to him, the committee predicts that British inflation will reach double digits in the fourth quarter of the year. The BoE’s inflation target is 2%.
Pill predicted that inflation will remain high for much of the next year, making the potential for knock-on effects on domestic wages and pricing “obvious”.
The chief economist also said that the BoE had not yet made a decision on whether to start selling Gilts, as British government bonds are known.
Source: CNN Brasil
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