The Bank of England’s chief economist has voiced his concern that the UK economy has undergone changes that will make inflation more likely to persist.

In explaining his vote to hold the policy rate at 4% this month, Huw Pill told an event hosted by Natixis in London today (November 18) that he was mainly focused on medium-term factors that shaped “nominal momentum”, or how price rises take shape and persist in the economy.

Although he conceded there was “a lot of noise in the data”, he said