LONDON: Bank of England Chief Economist Huw Pill said on Friday it was important not to raise interest rates too high, noting they had already increased by a large amount and the full effects of that had yet to register on the economy.

“It’s also important that we enguard against the possibility of doing too much,” Pill told Times Radio. On Thursday, the BoE raised interest rates to 4%, their highest since 2008, in a bid to stamp out the risks from the surge in inflation.

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But it also signalled it was close to pausing its run of rate hikes which began in December 2021.