Updated
July 9 (Reuters) – Bank of England Chief Economist Huw Pill said interest rates will need to rise to keep inflation pressure in check.
Asked on BBC’s “Walescast” programme on Thursday if rates would need to rise in the coming year, Pill said: “The short answer is yes.
“I am concerned that we’ve been running the economy a little bit hotter than the supply side,” Pill said.
Pill was one of two members of the nine-strong Monetary Policy Committee who voted to raise interest rates from 3.75% last month. The next decision is due on July 30.
(Reporting by Andy Bruce; Editing by Mark Porter)
