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BoE’s Pill sees no growth for UK economy, warns against big rate hikes

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Reuters UK

By Andy Bruce LONDON (Reuters) -Bank of England chief economist Huw Pill warned on Wednesday that Britain’s economy would slow to a crawl over the next 12 months and repeated his preference for a “steady-handed” approach to raising interest rates. With inflation heading towards double digits and growth in the economy fading fast, Pill said the BoE was trying to chart a narrow path between these two forces and get consumer price growth back to its 2% target. International institutions, such as the International Monetary Fund and OECD, say Britain is more susceptible to recession and persistentl…

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