BoE’s Pill: Aware that BoE may be blamed for recession but it’s driven by other factors

Bank of England (BoE) Chief Economist Huw Pill continues to speak at a panel discussion at the UBS European Conference titled "Global monetary policy challenges," in London.

Key quotes

Tightness in uk labour market remains very persistent, despite slowing economy.

BoE will do what is needed to get inflation back to 2% on sustainable basis.

We are not meant to be inflation nutters, must avoid counterpoductive disruption to real economy.

Sceptical that front-loading rates has big expectations effect.

Cannot have 'immaculate disinflation' without real world consequences.

We are aware that BoE may be blamed for recession, but it is driven by other factors.