Bank of England should cut interest rates at ‘more cautious pace’, Huw Pill urges

Huw Pill called for more caution in decisions to cut interest rates.

The Bank of England’s chief economist Huw Pill has renewed calls for interest rates to be cut at a “more cautious pace” in the next year, adding to the likelihood that Bank Rate may be held at four per cent for the foreseeable future.

In a speech delivered on Friday, Pill said efforts to lower inflation over the last year had been “disappointing” as he pointed to the effect taxes had in raising prices.

Inflation is forecast to hit four per cent in September, with the Office for National Statistics (ONS) set to publish fresh data next week.

Pill, who is widely seen as one of the more hawkish members on the Monetary Policy Committee (MPC) , said he expected interest rates to be cut in the next year but high inflation