Bank of England's Pill signals more rate hikes into 2027
The BoE's chief economist told the FT he expects further hikes in 2027 beyond a widely expected December 17 move, saying the Bank should have acted earlier. He also indicated he will leave when his term ends in September 2027.
Confirmed
- BoE chief economist Huw Pill told the FT he expects further rate hikes in 2027
- He says more hikes are needed beyond a widely expected December 17 move
- He said the Bank should have acted earlier
- He indicated he will leave when his term ends in September 2027
Not yet known
- Whether the widely expected December 17 rate move will take place
- The size and timing of the 2027 rate hikes he expects
- Whether his view will be shared by the Bank's policy committee
What we know
The FT reports the BoE chief economist says more rate rises are needed to fight inflation. According to market news accounts citing the FT, he sees more hikes in 2027 on top of the expected December 17 move, and says delays have reduced room for modest increases. He is concerned about second-round effects and indicated he will step down after his term expires in September 2027.
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Sources
“BoE chief economist says further rate rises needed to combat inflation”
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“SEES MORE RATE HIKES AHEAD IN 2027, ON TOP OF THE EXPECTED DECEMBER 17 MOVE”
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