The Bank of England's chief economist Huw Pill said that despite forecasts of inflation climbing to 3.7% in the second half of the year, it is 'unlikely' to have longer-lasting effects on everyday pri

Huw Pill called an expected rise in inflation this summer an ‘upward blip’ and said it would probably not affect everyday prices longer term.

"I think that is a reason for caution, for carefulness in the way we proceed with removing monetary policy restriction and cutting bank rate," Pill said.

Bank of England Chief Economist Huw Pill pushed back against colleagues voting for a large interest rate cut, arguing that they are “rushing” to change policy too quickly.