Bank of England chief economist hints at bigger interest rate rises to tackle inflation

The Bank of England's chief economist has hinted at bigger interest rate hikes to come in a bid to tackle soaring inflation.

Speaking at a banking conference, he expressed his"willigness to adopt a faster pace of tightening" but emphasised that this would depend on"the data that we see and my interpretation of it".Mr Pill reiterated theHowever, he also said he preferred a"steady-handed" approach for now, warning that"one-off bold moves" can be"disturbing in terms of their impact on financial markets".

If the Bank lifted rates from 1.25% to 1.75% in August, it would mark the biggest single rise since it gained independence in 1997.

Source: Loan Digest (loandigest.net)

Should of thought about this prior to printing all the fake money to tackle furlough payments! All the lazy pigs lived it sat on their backside for 6months now it's time to pay it back. Suck it up it'll make you stronger people

It’s about time, the Bank of England has left this to late. Inflation is out of control. Give you a classic example spreadable butter has jumped in price from £1 to £1.75 I rest my case. The economy is going to crash if you like it or not.

Cost of living crisis for so many.

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