Pill rebuffed criticism that the BoE was too slow to act in response to surging inflation
Britain will only feel the full impact of higher interest rates in late 2023 and there is unlikely to be any return of quantitative easing for at least a few years, Bank of England chief economist Huw Pill said on Wednesday.
The BoE has hiked six times since December, and last week increased rates by the most in 27 years in an attempt to smother surging inflation, even as the central bank warned that a long recession is coming. Asked about the debate around central bank independence, Pill said rate-setters were able to take tough decisions on monetary policy, in contrast to governments that are driven by the political agenda.
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