The Bank of England’s chief economist said on Wednesday that plans by Liz Truss for a freeze in energy bills for households and businesses was likely to force the central bank to raise interest rates despite bringing down the rate of inflation in the months ahead.
Asked by MPs on the House of Commons Treasury select committee specifically about whether the package would mean higher interest rates, Huw Pill said: “In response to the question, will fiscal policies generate inflation — we are here to ensure that they don’t generate inflation . . . Our remit is to get inflation back to target.”
“We do have work to do.” he added.
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