Bank of England chief economist urges caution over interest rate cuts

The Bank of England’s chief economist, Huw Pill, says it will be important to ‘guard against the risk of cutting rates either too far or too fast’. Photograph: Linda Nylind/The Guardian

The Bank of England’s chief economist has warned against cutting interest rates “too far or too fast”, a day after the governor, Andrew Bailey, said the central bank could move “more aggressively” to lower borrowing costs.

Huw Pill said there should be a gradual reduction in interest rates to make sure inflation remains near the Bank’s 2% target.