MNI BRIEF: BOE's Pil Maintains Call For Cautious Rate Cut Pace

The Bank of England should adopt a more cautious pace of cuts than seen in the past year to ensure disinflation continues, the Chief Economist Huw Pill said on Friday.

"While I would expect further cuts in Bank Rate over the coming year should the economic and inflation outlook evolve broadly as the MPC expects, it will continue to be
important to guard against the risk of cutting rates either too far or too fast," he said in a speech to the Institute of Chartered Accountants.

Pill also addressed the Bernanke review into the Monetary Policy Committee's forecasting process. "I know there is impatience with this in some circles," he said, "but there are good reasons to adopt an evolutionary approach" to Bernanke's recommendations.