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Ekonomické zprávy
26.11.2021

BoE's chief economist Pill: Economic picture still uncertain, BoE can't give precise guarantees on what will happen to interest rates

The Bank of England's (BoE) chief economist Huw Pill stated on Friday that provided the UK's jobs market continues to be strong, interest rates will need to gradually increase in the coming months. However, he noted, the economic picture is still uncertain, so the BoE can't give precise guarantees on what will happen to its interest rates. If data strengthens and inflation is forecast to remain persistently above target, we can continue to raise rates, Pill said. If data evolves unfavourably and inflation is forecast to fall below target, we can remain on hold, or reverse the course, he added.

The economist also stressed that the BoE should take a cautious approach to its policy, assessing each decision on a step-by-step basis.

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