Bank of England Chief Economist Huw Pill said he is open to faster rate hikes if needed.

Huw Pill, the chief economist at the Bank of England (BoE), said he would consider a faster rate hike to prevent inflation from going somewhere uncomfortably high.

The Bank of England said at its meeting last month that it could act more quickly when needed to deal with inflation, which is expected to exceed 11 percent this year.

These statements by Pill strengthened the possibility of a 50 basis points increase in the bank’s next meeting. Financial markets assess the probability that the BoE will increase the interest rate by 50 basis points at its meeting in August to 57 percent. The BoE has never increased rates by 50 basis points since 1997.