The Bank of England's Monetary Policy Committee (MPC) member Catherine Mann said on Thursday that he believes that further tightening and sooner rather than later likely is needed to ensure the effectiveness of monetary policy to achieve the BoE's inflation target of 2%.
The official noted that she is worried about the extended persistence of inflation into this year and the next. In her view, more tightening is needed as the risk of increasingly persistent inflation rises disproportionately with the share of backward-lookingness. Also, Mann cautioned that a pivot is not imminent. "In my view, a preponderance of turning points is not yet in the data," the policymaker added.