[Bank of England's Pill: Raising Rates Now May Prevent More Aggressive Tightening Measures in the Future] According to a report by Golden Finance, on September 4, the Bank of England's Chief Economist, Huw Pill, stated that raising interest rates now could help reduce the likelihood of the central bank having to adopt more aggressive measures in the future to curb inflation driven by the Iran war. Pill said: 'Increasing the bank rate does not necessarily mean initiating a prolonged and aggressive rate hike cycle. If policies are implemented properly and communication is effective, timely rate hikes can help prevent some potentially harmful "catch-up" nominal dynamics and avoid situations where inflation temporarily deviates from the target becoming more persistent.' Pill and two other members of the Monetary Policy Committee had voted in favor of a rate hike in July. On Thursday, interest rate futures investors estimated that the likelihood of a 25 basis point rate hike at this month's Monetary Policy Committee meeting was slightly above 15%, while the probability of a rate hike at the November meeting had risen to over 70%.