Bank of England Economist Calls for Immediate Interest Rate Hike Amid Energy Crisis

Huw Pill, the chief economist at the Bank of England, has called for a 'prompt' interest rate hike to tackle inflationary pressures sparked by the Middle East energy shock.

In a speech at the Edinburgh Chamber of Commerce, Pill reiterated his concerns about the risks of leaving interest rates unchanged while waiting for clearer signs of how the Iran war has affected inflation dynamics in the UK economy.

Pill was one of two members on the nine-person Monetary Policy Committee (MPC) to vote to raise interest rates in July, but he was outvoted by a majority preferring to keep rates at 3.75%.