It is too soon to cut interest rates without more evidence that pay growth and inflation are really under control, a top Bank of England policymaker has warned. Megan Greene, a member of the Bank’s Monetary Policy Committee (MPC), said unemployment has been surprisingly low for an economy which has just suffered a recession, while pay growth is still unusually high. She said: “There is a lot of uncertainty about how much inflation persistence is still in the system versus how much we have already squeezed out with our restrictive monetary policy stance. “For me, I would need to see more evidence of inflation persistence waning in line with my own expectations to think that a cut and a less restrictive policy stance would be warranted.” The MPC, led by Andrew Bailey, the Bank’s Governor, raised interest rates from 0.1pc in December 2021 to 5.25pc last September, as they battled to bring down inflation. Economists expect inflation data for April, which will be published next week, to show that consumer price inflation has fallen back to around the 2pc target, down from its peak of 11.1pc in October 2022. But Ms Greene, who joined the MPC last August and voted...