Huw Pill: Returning inflation to target

Speech by Mr Huw Pill, Chief Economist and Executive Director for Monetary Analysis of the Bank of England, at the Kings College, London and Qatar Centre for Global Banking and Finance conference, London, 6 July 2022. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Accompanying slides of the speech. 

Good morning everyone.

It is a great pleasure to speak here at Kings College and the Qatar Centre. I would like to thank the organisers of the conference for their invitation and hospitality.

In my remarks today, I aim to make three points: (1) to emphasise the MPC's focus on returning inflation to its 2% target; (2) to re-call the drivers of recent inflation developments and how they have shaped the MPC's policy actions; and (3) to re-state and unpack the MPC's most recent communication about the outlook for monetary policy decisions.

Working through these three points has the character of 'peeling an onion': progressively working from the most visible public comments towards more detailed or technical arguments. I hope each of the different audiences that I seek to address today – from the wider public, through the media and market participants, to the experts attending this conference – can find some layer of the onion that speaks to them.