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Bank of England Chief: High Rates Needed to Tackle Inflation

2/13/2026

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Summary

Story summary

Bank of England Chief Economist Huw Pill says underlying inflation is 2.5% and remains above the 2% target.
He argues interest rates must stay high to combat inflation.
The 2% inflation goal could slip to April or May due to one-off budget measures.
He adds that some Monetary Policy Committee members favored a rate cut, but he does not foresee a major collapse and attributes unemployment to structural factors.

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Story summary

Bank of England Chief Economist Huw Pill says underlying inflation is 2.5% and remains above the 2% target.
He argues interest rates must stay high to combat inflation.
The 2% inflation goal could slip to April or May due to one-off budget measures.
He adds that some Monetary Policy Committee members favored a rate cut, but he does not foresee a major collapse and attributes unemployment to structural factors.