Huw Pill Speech: Scenario Analysis for Monetary Policy

Bank of England News

Published March 24th, 2026

Detected March 25th, 2026

Summary

Huw Pill, Chief Economist at the Bank of England, delivered a speech on March 24, 2026, discussing the use of scenario analysis to enhance the robustness of monetary policy. The speech emphasized the goal of achieving the 2% inflation target amidst global uncertainty and potential inflationary pressures.

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What changed

Huw Pill, Chief Economist at the Bank of England, delivered a speech on March 24, 2026, at a conference in Skopje. The speech, titled 'Robustness,' outlined how scenario analysis can be employed to develop a more resilient approach to monetary policy, aiming to consistently achieve the 2% inflation target across various economic environments. Pill affirmed the Bank's readiness to address inflationary pressures, particularly those stemming from the Middle East, to ensure medium-term price stability.

This speech is informational and does not introduce new regulatory requirements or compliance obligations. It serves to articulate the Bank of England's strategic thinking on monetary policy formulation in the face of global economic uncertainty. Compliance officers should note the Bank's commitment to its inflation target and its proactive stance on managing economic risks.

Source document (simplified)

Robustness - speech by Huw Pill

Speech at the National Bank of the Republic of North Macedonia and SUERF conference – Central Banking Amid Persistent Global Shifts: Fostering Stability, Innovation, and Resilience, Skopje

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24 March 2026 In this speech, Huw sets out how scenario analysis can help develop a more robust approach to monetary policy in an environment of profound uncertainty. A robust monetary policy will deliver inflation close to the 2% target on a lasting basis across a broad and diverse set of possible environments.

Huw stands ready to act against inflationary pressures stemming from developments in the Middle East to deliver price stability over the medium term. Economic uncertainty is always present (perhaps especially so at present), but the task of monetary policy is to provide clarity on pursuit of price stability in an uncertain world.

Huw Pill speech Robustness

Huw Pill speech Robustness - slides