BoE’s Pill: Ready to act if necessary

Bank of England’s (BoE) Chief Economist Huw Pill said that he stands ready to act against inflationary pressures stemming from the developments in the Middle East war. Claiming that the fog of uncertainty in which they operate cannot be an excuse for inaction in a text provided by the BoE on Tuesday.

Key takeaways:

Stands ready to act against inflationary pressures stemming from developments in the Middle East to deliver price stability over the medium term.

The fog of uncertainty in which we always operate cannot be an excuse for inaction.

Ready to act if necessary to contain the lasting components of any new inflationary pressures.

The task of monetary policy makers is to provide clarity on their pursuit of price stability.

Upside risks to price stability mounting as a result of events in the Gulf.

See need for “caution” in the conduct of monetary policy."