Bank of England (BoE) Chief Economist Huw Pill said in a Financial Times (FT) interview on Friday, the central bank will stay firm in its battle against inflation while adding that it cannot afford to loosen tight monetary policy,

Further comments

"Despite the fact that activity has weakened in our forecast relative to what we anticipated if you look at those key indicators of the persistent domestic underlying components of inflation (namely services price inflation and pay growth), those things have remained stubbornly high through the summer.”

"Indeed, even in the most recent data, although both have shown a small — but welcome — sign of falling, they remain at very elevated levels.”

Market reaction

GBP/USD is unfazed by the above comments from the BoE policymaker Pill. The pair is currently trading at 1.2560, up 0.22% on the day.