Central Banks
BOE Chief Economist Says Surge in UK Pay Spur Inflation Risk
- Huw Pill says no consideration given to cutting rates yet
- Comments come after downbeat assessment of UK growth outlook
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Bank of England Chief Economist Huw Pill said the strength of the labor market and soaring wages mean that policymakers can’t yet turn their focus away from fighting inflation.
Speaking a day after Governor Andrew Bailey said it’s too early to talk about the possibility of reducing interest rates, Pill said “more persistence in wage and price dynamics” suggest “we can be less sanguine” about a slowing economy reducing inflation.