The Bank of England cannot afford to relent in its battle against high inflation just because it sees signs of weakening economic activity, its chief economist told the Financial Times.
Huw Pill said UK monetary policy was in a “difficult phase” as he warned of “stubbornly high” price pressures in the British economy following multiple shocks including the pandemic and the surge in energy costs.
He insisted the Monetary Policy Committee had to resist the temptation to “declare victory and move on” from its battle to quash inflation that at 4.6 per cent in October still remained well above the bank’s 2 per cent target.
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