2/3, 8:38 AM (Source: TeleTrader)
more TeleTrader news

BoE's Pill: Rate hike was needed as inflation still too high

Bank of England's (BoE) Chief Economist Huw Pill told Times Radio on Friday that he believes the bank's latest rate hike was "necessary" as inflation in the United Kingdom remains "much too high."

Pill insisted it is the Monetary Policy Committee's (MPC) job to bring inflation down to its target of 2% and make sure it stays at that level over the medium term. Still, the central banker warned that the MPC must be careful not to "do too much" on monetary policy. He also expressed a "reasonably high degree" of confidence that inflation will decline this year.

On Thursday, the Bank of England raised its benchmark Bank Rate by another 50 basis points to 4%.

Baha Breaking News (BBN) / NP