BoE chief economist explains his votes for pre-emptive hike
Wait-and-see approach to monetary policy risks signalling bias towards status quo, says Pill
The Bank of England’s chief economist has explained why he has voted to raise rates at its last three monetary policy meetings in the face of “profound” uncertainty.
Speaking at the Edinburgh Chamber of Commerce on September 3, Huw Pill warned that a wait-and-see approach risked embedding perceived bias towards the monetary policy “status quo”.
Pill said that reflecting such a bias in decision-making “itself influences market expectations and – given the self-referential ‘hall of mirrors’
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