BoE's Pill: Should act more promptly in response to new inflation pressure

FXStreetMay 1, 2026 12:09 PM

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Bank of England (BoE) Chief Economist Huw Pill said on Friday that a tightening in financial conditions seem as a reasonable response to the inflation risk from the US-Iran war, per Reuters.

Key takeaways

"Monetary Policy Committee (MPC) does not want to lock itself in on rates, needs to remain flexible."

"But MPC has also stressed it is ready to act if necessary."

"Main difference between my position and majority of MPC is that I was more concerned about stalling of disinflation before Iran war."

"As a result, I thought we should be acting more promptly in response to new inflation pressure."

Market reaction

GBP/USD showed no immediate reaction to these comments and was last seen rising 0.1% on the day at 1.3617.

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