BoE Chief Economist Huw Pill suggested in a speech that interest rate cut is still “some way off” in his baseline scenario.
He emphasized the need for more “compelling evidence” that the persistent component of UK CPI inflation is is being “squeezed down” towards rates that align with 2% inflation target on a lasting and sustainable basis.
“It is that view that led me to vote to keep Bank Rate unchanged in February,” he added.
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