BoE chief economist says further rate rises needed to combat inflation

What happened: Bank of England chief economist Huw Pill said further rate rises are needed to combat inflation, calling last week's quarter-point increase to 4% a "significant step" but saying there was "further to go" with borrowing costs. Key numbers: Quarter-point increase took rates to 4%. Why it matters: The remarks signal the BoE may keep raising borrowing costs beyond the current 4% level in its effort to bring inflation down.

Bank of England chief economist Huw Pill said further rate rises are needed to combat inflation, calling last week's quarter-point increase to 4% a "significant step" but saying there was "further to go" with borrowing costs.

The remarks signal the BoE may keep raising borrowing costs beyond the current 4% level in its effort to bring inflation down.