A post by @FirstSquawk on X.

Bank of England Monetary Policy Committee member Huw Pill said the decision to raise interest rates was preemptive in character, with little evidence yet of second-round inflation effects. Pill noted differing camps and nuances around the decision, while activity and employment are adding to demand at the margin. He also flagged pipeline pressure in the system stemming from energy prices. The remarks matter because they signal the BoE is acting against future inflation risk rather than reacting to realized wage-price spirals. Watch next for further MPC commentary and incoming activity and employment data for signs that demand-side pressure is building.