BoE’s Pill says arguments on rate-setting are ‘finely balanced’

LONDON: Bank of England Chief Economist Huw Pill said on Friday that the central bank faced difficult choices about how far to raise interest rates to control inflation without slowing growth more than necessary.

“It’s a tricky balance to seek in current difficult circumstances. And the arguments around where rates should be set in order to achieve that balance are quite finely balanced in themselves,” Pill told CNBC television.

Bank of England raises rates to 1% despite looming recession risk

On Thursday, the BoE raised interest rates for a fourth time in a row despite saying there was a risk of recession in Britain after inflation goes above 10% later this year.