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

Bank of England Chief Economist Huw Pill said the British central bank should move only gradually with cutting interest rates, a day after Governor Andrew Bailey was quoted as saying the BoE might move more aggressively to lower borrowing costs.

Bank of England Chief Economist Huw Pill warned against cutting interest rates “too far or too fast” as he set out his case for a “gradual withdrawal” of restrictive monetary policy over the coming months.