Bank of England will raise interest rates again, says chief economist

Huw Pill says there is still more to do' on tackling inflation despite risks of prolonged recession

The Bank of England is preparing to further raise interest rates over concerns that inflation could become embedded in the British economy, despite the growing risks of a prolonged recession, its chief economist has warned.

Huw Pill said there was still more to do" to tackle soaring inflation after the central bank raised interest rates to 3% last week with the biggest single rise in borrowing costs since 1989.