Supply constraints rather than soft demand caused recent weakness in the U.K. economy, suggesting to BOE member Megan Greene that borrowing costs will have to stay restrictive to tame inflation.

Bank of England policymaker Megan Greene on Wednesday advocated a cautious approach to cutting interest rates, and said it was looking increasingly likely that policy would need keep leaning against persistent inflation pressure.

It's less likely inflation persistence will fade on its own accord, and more likely monetary policy will need to remain restrictive. I believe it is appropriate to maintain a cautious and gradual approach to removing monetary restrictiveness.

Britain is set for solid economic growth and lower inflation in 2024, but the Bank of England (BoE) has little room for further interest rate cuts, according to the National Institute of Economic and Social