BoE Chief Economist Pill says there is still some work to do on the persistence of inflation; not unreasonable to believe that over the summer, the BoE will see enough confidence to consider rate cuts

BoE is making good progress on returning inflation to target.
Labour market remains "pretty tight" by historical standards.
Pay growth data is consistent with a small decline in Q1.
Rates of pay growth remain quite well above what would be consistent with meeting the 2% inflation target on a sustainable basis.
Need to keep a restrictive stance on monetary policy that continues to bear down on domestic inflation persistence.
Not unreasonable to believe that over the summer, the BoE will see enough confidence to consider rate cuts; could cut and keep the stance restrictive.
Question of when and how restriction is eased.
Risk is loosening policy restriction too soon.