The Old Lady’s new man

Huw Pill replaced Andy Haldane, the Bank’s outspoken chief economist, last month.

Haldane was hawkish. Upbeat on the recovery from Covid, he was alone in voting to curtail the quantitative easing programme early in his final MPC votes in the summer.

Pill appears every bit as hawkish, and has joined the MPC when the doves are in retreat.

In an interview timed to influence markets just before November’s vote and monetary policy report, he pointed the way to rate hikes in November, though noted an increase is not guaranteed. The reason is rising inflation, which is already 3.1pc.

“I would not be shocked – let’s put it that way

– if we see an inflation print close to or above 5pc,” he said. “That’s a very uncomfortable place for a central bank with an inflation target of 2pc to be.”