Bank of England Chief Economist Huw Pill said on Friday that the BoE should not over-respond to short-term developments and should not be over-aggressive with policy moves, reported Retuters. Pill added that the BoE's Monetary Policy Committee is cautious about commenting too much on market policy rate expectations, and reiterated that the bank is not driven by financial market developments. 

Pill had earlier remarked that two members of the bank's rate-setting committee did not sign up to the new guidance on interest rates because they felt that enough may have already been done.