BoE’s Pill says UK facing strong ‘inflationary momentum’

The UK is facing strong “inflationary momentum” that calls for continued tightening of monetary policy, the Bank of England’s chief economist said today (May 20).

Huw Pill said UK inflation is “clearly too high”, the labour market is “tight”, wages are growing faster than would be “deemed consistent with the inflation target”, and business confidence is “resilient”.

The BoE forecasts inflation is likely to rise above 10% this year, having already hit 9% in April. Speaking at a conference in

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