Bank of England's Pill: Policymakers should not take the current inflation situation lightly.

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Jinse Finance reports that on June 29, Bank of England Chief Economist Pill voted in favor of raising interest rates to 4% at the last two meetings, a decision driven by concerns that inflation will persistently remain above the Bank of England's 2% target. According to the Press Association on June 29, Pill stated that policymakers "should not take the current inflation situation lightly," as there is a risk of inflation rising further due to energy price increases caused by the Middle East conflict. He said that in the past, inflation exceeding the target by 1 percentage point would have been seen as "a problem," and "I think it should still be considered a problem now, because our mission is very clear: to always keep inflation at 2%. I am a bit concerned because inflation once rose to 11%, and now policy discussions have become 'Oh, 3% inflation isn't that bad either.'" He said that for him, it is not easy to make a voting decision different from the majority of committee members. "I want to emphasize that I am not casting a dissenting vote to attract attention or to be a troublemaker on the committee. During my tenure on the Monetary Policy Committee, if there is any tendency, it is that even when I have doubts about the committee's views, I usually tend to support the overall stance of the institution."
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