Huw Pill, chief economist at the Bank of England, called for a “gradual” approach to cutting interest rates, citing continued concerns about the potential upside risks to the inflationary outlook. In a speech this morning Pill said there was “ample reason for caution” when assessing the dissipation of inflationary persistence.

The BOE should proceed cautiously in lowering borrowing costs as inflation cools, Chief Economist Huw Pill said Friday.

Huw Pill, member of the Bank of England’s Monetary Policy Committee, said it acted “too early” when it cut the base rate in August.