LONDON: 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.

“While further cuts in Bank Rate remain in prospect should the economic and inflation outlook evolve broadly as expected, it will be important to guard against the risk of cutting rates either too far or too fast,” Pill said in a speech on Friday at the Institute of Chartered Accountants in England and Wales.

Bank of England holds rate steady after jumbo US cut 287

“For me, the need for such caution points to a gradual withdrawal of monetary policy restriction.”