By Paul Hannon
A first cut in the Bank of England's key interest rate remains some way off, its chief economist said Tuesday.
In a speech, Huw Pill said there had been little news on the U.K. economy since March, when he laid out his case for leaving the key rate at a 16-year high for the time being.
"While we are making satisfactory progress in returning inflation to target, in my baseline scenario the time for cutting [the] bank rate remained some way off," Pill said.
"The combination of little news and the passage of time have brought a bank rate cut somewhat closer."
Write to Paul Hannon at paul.hannon@wsj.com
(END) Dow Jones Newswires
04-23-24 0745ET
