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Inflation surge and labour market boom may spur UK rate hike, warns economist
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The Bank of England’s chief economist has warned that the UK’s buoyant labour market and rapidly rising inflation is pushing the central bank closer to raising rates at its next meeting in December.
Huw Pill said the “burden of proof” was now in favour of increasing the cost of borrowing, though he said a rate rise would not be a quick fix that could bring down inflation in the short term.
Pill, who joined the Bank in the autumn from the investment bank Goldman Sachs, added that there were still many uncertain trends in the economy and he was prepared to wait for the picture to clear before making a decision.
Speaking at an economics conference in Bristol, Pill also hinted he could vote for a larger increase than financial markets expected,
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