Bank of England chief economist Huw Pill cautions against cutting rates 'too far or too fast'

'Ample reason for caution'

The Bank of England’s chief economist Huw Pill has warned against “cutting rates either too far or too fast”.

During a speech in a conference in London today (4 October), Pill said there is "ample reason for caution" in determining whether inflation will dissipate. "While further cuts in bank rate remain in prospect should the economic and inflation outlook evolve broadly as expected, it will be important to guard against the risk of cutting rates either too far or too fast," he added.  "For me, the need for such caution points to a gradual withdrawal of monetary policy restriction." Bank of England holds interest rates at 5% after inflation stalls Last month, the bank decided to hold i...