Bank of England split on future path of rate hikes

Huw Pill and Silvana Tenreyro

The Bank of England has delivered mixed messaging on the future path of rate hikes, with members of the Monetary Policy Committee offering opposite opinions.

Speaking at the International Centre for Monetary and Banking Studies, chief economist Huw Pill spoke of the need to "see the job through" when it comes to inflation, arguing that "on balance the onus remains on ensuring enough monetary tightening is delivered". Bank of England hikes interest rates by 25bps He added the bank was utilising a "more ‘data dependent' stance" but there remained "a lot of policy-in-the-pipeline still to come through" and urged caution on any assessment of inflation. On the reverse, MPC member Silvana Tenreyro suggested at the Scottish Economic Society an...