10:01 - 4.09.2026

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September 4, Fineko/abc.az. Bank of England (BoE) Chief Economist Huw Pill stated that raising the benchmark interest rate to 4% now could reduce the likelihood of more aggressive monetary tightening in the future.

In remarks prepared for the Edinburgh Chamber of Commerce, Pill emphasized that a prompt rate increase would prevent temporary inflation surges caused by the Iran war from becoming structural.

Although Pill and two other MPC members voted for a hike in July, the majority opted to hold rates steady while assessing the conflict's broader impact. Financial markets currently price in a 15% chance of a 25-basis-point hike at this month's meeting, with probabilities rising above 70% for November.