Bank of England's top economist warns there is 'some way to go' on inflation as Huw Pill cools hopes...

The Bank of England's top economist today warned there is 'some way to go' in keeping inflation under control as he cooled hopes of interest rates being slashed in June.

'It's important to recognise we can cut bank rate, while still leaving some restriction in the system.' But Mr Pill also added a note of caution, stressing there is 'some way to go' in getting and keeping inflation to the Bank's 2 per cent target in view of the ongoing strength in wage growth and relative robustness of the jobs market.

Regular pay growth has proved more stubborn, though, remaining unchanged at 6 per cent, according to the ONS. Most economists had expected a drop to 5.9 per cent.

Source: Loan Digest (loandigest.net)

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