Despite hitting the key 2 per cent inflation target in May, UK monetary oversight must not become complacent, the Bank of England said on Wednesday. At an Asia House event in London, the central bank’s chief economist said the timing of its next interest rate cut remains uncertain, citing persistent domestic inflationary pressures.
Huw Pill, who is also one of nine members on the central bank’s monetary policy committee, warned that focusing too much on inflation’s fall to the bank’s target level earlier this year could lead to “taking your eye off the ball”. His comments come ahead of the Bank of England’s next interest rate decision on August 1.
