Huw Pill, Chief Economist at the Bank of England, questioned the certainty of an interest rate increase in December, noting that the decision would be "finely balanced" and pointing out bumps in the economic recovery.

Pill said at a Bristol event that there is "no quick fix" to return inflation to the 2% target and that the central bank lacks the tools to repair supply chains disrupted by Brexit and the pandemic.

The remarks are similar to Pill's remarks prior to the bank's surprise decision to keep borrowing costs on hold in November. This may make predicting the next move difficult, as investors are almost certain that they have priced.

“I came to the bank, thinking the recovery is well established, there is momentum in the economy, inflationary pressures are building,” Pill told reporters after his meeting. “The burden of proof perhaps a little bit in is the other direction, so now I’m looking for reasons for it not to happen, rather than reasons to happen.”

Goldman Sachs | Economic Outlook 2013 - Huw Pill on European Outlook 2013

Pill served on the Monetary Policy Committee in September. He also dismissed criticisms of policymakers' communication style. He stated that the BOE "cannot get caught up in minute-to-minute commentary." “We can’t get caught up in media/market-driven dynamics.”

Policymakers, led by Governor Andrew Bailey, have become increasingly vocal about the need for the bank to prevent a wage and price spiral. Inflation in October was 4.2%. This is the highest rate in ten years, and it has surpassed the target.

Although bank employees expect the reading to rise even further, Pill and his colleagues are unsure when they will take action. The BOE mentioned several uncertainties, including rising Covid cases and rising energy prices. They also forewarned of trade tensions with Europe.