Interest rate hikes unlikely to be a repeat of 2022, says Bank’s chief economist

Evening Standard · Anna Wise · 2026-11-06 14:40 UTC

Huw Pill, a member of the Bank’s rate-setting committee, said key evidence for policymakers will emerge in the spring of 2027.

The Bank of England is unlikely to have to raise interest rates as many times as it did in 2022, but hikes could continue into next year if it sees signs of higher energy costs affecting wages and prices, its chief economist has said.

Huw Pill, a member of the Bank’s rate-setting committee, said key evidence for policymakers will emerge in the spring of 2027.

The remarks come a day after interest rates were raised to 4% from 3.75%, the first time that borrowing costs have increased in more than three years.

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