Bank of England's chief economist Huw Pill stated on Friday that the BoE's policymakers are trying to ensure there's an element of flexibility given the uncertainties they face. According to him, flexibility is needed either to go further or to stay where they are.
Pill also said the pace at which the BoE goes further can vary according to circumstances. Meanwhile, he rejects criticism that the BoE had been behind the curve on inflation. "If we get inflation to target interest rates will be a slightly positive premium to inflation", the policymaker noted.
In addition, Pill said that investors should not assume September would also be a 50 bps rate hike.