Chief economist Huw Pill said “consistency” was key to the Bank of England’s quantitative tightening programme (Photo by: Graeme Sloan/Bloomberg via Getty Images)

The Bank of England’s chief economist has hit out at colleagues’ recent decision to slow sales of the central bank’s government debt stockpile, warning it risked papering over underlying drivers of spiking government borrowing costs and causing a “more painful” crisis in the future.

In a speech delivered in Geneva, Huw Pill told delegates that the Monetary Policy Committee’s choice last week to reduce the speed of its quantitative tightening programme was unnecessary, and that there was scope to shrink its balance sheet faster.

“I put a higher weight on the need to get out of the [quantitative easing] portfolio a little bi

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