BoE’s Pill: Gas price increase is a big shock for the UK economy

Bank of England (BoE) Chief Economist Huw Pill is speaking at a panel discussion at the UBS European Conference titled "Global monetary policy challenges," in London.

Key quotes

Gas price increase is a big shock for the UK economy.

Danger of self-fulfilling dynamics in wage-cost nexus.

We cannot declare victory against second round effects, but we are entering recession.

We have tried to re-anchor expectations, give more realistic view of where bank rate is heading.

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