BoE's Pill thinks more rate hikes needed but wary of recession

BoE's Pill thinks more rate hikes needed but wary of recession - Western Mail

Economy May 25, 2022 08:51

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BoE's Pill thinks more rate hikes needed but wary of recession - Western Mail

© Reuters. FILE PHOTO: Buses travel past the Bank of England (BoE) building after the BoE became the first major world's central bank to raise rates since the coronavirus disease (COVID-19) pandemic, London, Britain, December 16, 2021. REUTERS/Toby Melville/ 2/2

LONDON (Reuters) - Bank of England Chief Economist Huw Pill said he thought more interest rate hikes would be needed but that the central bank is conscious too much would leave the economy stuck in recession, in an interview published on Wednesday.

"(Too) much runs the risk that you fall into and get stuck in a deep recession, which is very costly and too little you run the risk that inflation gets this self-sustaining momentum and runs away from the target," Pill told the Western Mail newspaper during a recent visit to Wales.

"I personally think there is more that needs to be done... and we need to go not necessarily to a super restrictive stance but to a stance that takes some of that support away..."

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