The chief economist of the Bank of England said the central bank will need to raise interest rates.

The Chief Economist of the Bank of England, Huw Pill, was asked whether an interest rate hike will be needed in the next year to control inflation, Pill replied, "The short answer is yes." "The speed at which the economy can operate is slightly lower than in the past." "I am concerned that the current speed of economic operation is slightly exceeding the supply capacity, that is, the level allowed by economic potential." Inflation data from the past four years shows that the Bank of England's "judgment on the trend growth level is somewhat too optimistic." "The biggest danger facing the Bank is that businesses, households, and individuals start to believe that inflation is rising." Among the nine members of the Monetary Policy Committee of the Bank of England, Pill was one of the two decision-makers who voted in favor of a rate hike last month.