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Bank of England's chief economist Huw Pill issues warning over interest rate rises
The Bank of England's chief economist has warned there is a risk of "unnecessary damage" being inflicted if interest rates increase too much. Huw Pill told a conference in South Africa he was wary about the impact on "employment and growth" resulting from potential future hikes in the battle to bring down inflation. It comes after the Bank upped interest rates for a 14th time in a row to 5.25% earlier this month and said it expected them to remain at high levels for longer than previously expected. Mr Pill, who is a member of the Bank's Monetary Policy Committee (MPC) which sets the rates, told an event in Cape Town ... (full story)