According to Jin Ten Data, the chief economist of the Bank of England, Peel, expressed concern that UK interest rates are falling too quickly. He explained the request to maintain borrowing costs unchanged earlier this month.
Peel stated on Tuesday that he does not support a complete halt to interest rate cuts but calls for a more 'cautious' approach. He warned that the cooling of potential wage growth has already 'slowed down' and that inflation in the service sector is 'strong'.
Peel opposed further loosening of policy at the May meeting, voting to maintain interest rates. He believes that the pace of exiting monetary policy constraints is too fast and advocates for 'skipping' in the central bank's quarterly rate cut pattern to slow down the exit pace.