Bank of England’s Huw Pill says ‘burden of proof’ now in favour of December interest rate rise
The Bank of England’s chief economist has warned that the UK’s buoyant labour market and rapidly rising inflation is pushing the central bank closer to raising rates at its next meeting in December.
Huw Pill said the “burden of proof” was now in favour of increasing the cost of borrowing, though he said a rate rise would not be a quick fix that could bring down inflation in the short term.
