Bank of England chief economist Huw Pill said on Thursday that he is not against a faster tightening of monetary policy, should the need arise. The comment followed his previous remark that he would be open to raising interest rates by more than 0.25%.

"At least on my part, this statement reflects a willingness - should circumstances require - to adopt a faster pace of tightening than we have seen implemented in this interest rate cycle so far," Pill stated today.

Bank of England Governor Andrew Bailey previously took a similar stance, explaining that should inflation continue to persist, the central bank will act "more forcefully."