Huw Pill News

22.10 / 17:45

Boeing Interviews BoE chief economist Huw Pill slams ONS for inadequate jobs data

In a letter obtained by the FT, Pill told the ONS that while steps taken to address issues with ONS data are welcome, «they have not yet led to an improvement and it remains uncertain whether the credibility of labour force statistics will improve». The letter, addressed to ONS deputy national statistician Mike Keoghan in May, outlined the Monetary Policy Committee's critique of the statistics office's Labour Force Survey (LFS), a dataset that was suspended in October 2023 because of quality concerns. Despite the ONS reintroducing face-to-face interviewing to try to boost the LFS sa...

22.11 / 09:23

Provident Boeing Treasury Committee takes aim at ONS on labour force data

The concerns were raised by Meg Hillier, chair of the Treasury Committee, in a public letter to the UK Statistics Authority regarding the accuracy of the ONS' Labour Force Survey (LFS). Concerns about the validity of the LFS have dogged the data provider for years, with the LFS estimates due to be published in October 2023 suspended because of quality concerns. BoE chief economist Huw Pill slams ONS for inadequate jobs data The alarm was raised again earlier this month by the Office for Budget Responsibility's Professor David Miles who told who told the Treasury Committee on 5 Nove...

24.07 / 08:04

Target Boeing Research Former MPC official urges Labour to give BoE powers to set inflation target

Former UK central banker and ex-Monetary Policy Committee member Sushil Wadhwani has urged the new Labour government to «take advantage of its large majority and push through this change as it would signal that they were serious about entrenching price stability». Writing in a Centre for Economic Policy Research paper on Monday (22 July), Wadhwani suggested that goal independence could be «a game changer». BoE chief economist Huw Pill dents hopes for a rate cut due to 'persistent' inflation Unlike other major central banks such as the Federal Reserve and the ECB, the BoE does not...

12.07 / 20:49

markets economy Boeing Trade Cycling reports testing Dollar adrift ahead of US inflation test; sterling firms

dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The British pound rose to a one-month high of $1.28545 in early Asia trade, extending a 0.48% gain from the previous session after comments from BoE policymakers caused markets to scale back bets for an easing cycle to begin next month.

12.07 / 19:53

markets Target Boeing BoE chief economist Huw Pill dents hopes for a rate cut due to 'persistent' inflation

Pill highlighted the stickiness of services inflation and continued wage growth as the key drivers of these inflationary winds. In a speech at Asia House in London on Wednesday (10 July), the chief economist admitted that the UK central bank had made «substantial progress» in its attempts to reduce inflation. Following inflation reaching the BoE's official target of 2% in May, Pill added an interest rate cut is still a question of «when rather than if» for the Monetary Policy Committee. BoE's Jonathan Haskel argues for rates hold amid 'tight and impaired' labour market However, ...

09.05 / 11:39

Target Bank of England mirrors Federal Reserve and holds interest rates

But the decision was not unanimous, as the nine members of the Monetary Policy Committee were split. Seven voted to hold rates and two opted to cut by 0.25 percentage points to 5%. Governor Andrew Bailey, Sarah Breeden, Ben Broadbent, Megan Greene, Jonathan Haskel, Catherine Mann and Huw Pill all voted in favour of the proposition. The two diverging members were Swati Dhingra and Dave Ramsden. The decision comes as inflation remained above the Bank's 2% target at 3.2%. How is potential central bank monetary policy divergence affecting asset allocation? Bailey had previously sign...

15.11 / 08:33

economics inflation Bank of England UK Macroeconomics BoE's Huw Pill hints at further rate hikes if inflation remains 'stubbornly high' - reports

Huw Pill (pictured), chief economist at the Bank of England

09.11 / 17:11

economics inflation UK Interest rates MPC BoE's Huw Pill: Economic slowdown will require softer monetary policy - reports

Huw Pill (pictured), said that 'sustaining rates at their current restrictive level will continue to bear down on inflation'. Credit: Bank of England

31.08 / 12:45

economics Federal Reserve inflation Bank of England UK Interest rates Monetary Policy Committee Huw Pill: BoE must 'see the job through' against inflation

‘The key element is that we on the MPC need to see the job through and ensure a lasting and sustainable return of inflation to the 2% target,’ Pill said. Credit: Bank of England

08.08 / 12:03

economics inflation Bank of England UK food inflation BoE's Huw Pill: Food prices may never return to pre-inflation levels

Bank of England chief economist Huw Pill | Credit: Bank of England

07.08 / 11:47

economics inflation Bank of England UK Interest rates Monetary Policy Committee reports Bank of England's Huw Pill: Monetary policy tightening 'is working' - reports

Huw Pill (pictured) is chief economist at the Bank of England Credit: Bank of England

11.05 / 15:29

Provident Lowe's Boeing Bank of England chief Bailey defends record growth upgrade, admits communication error

LONDON — Bank of England Governor Andrew Bailey on Thursday defended an about-turn in the bank's U.K. growth forecast, saying its «biggest upgrade» ever reflected the rapidly shifting economic landscape.

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