Bank of England Chief Economist Huw ?Pill ?said underlying inflation in Britain was settling ?at about 2.5% a year, higher than the BoE's 2% target, which made it inappropriate ?to cut interest rates further. Pill has voted against the BoE's last four interest rate cuts and said interest rates were now "a little bit ?too low", although just about high enough ?to be putting some downward pressure on inflation. "I still think we're sufficiently restrictive - although there's some ambiguity there - that holding at ?this level and ?being cautious will be enough," he said at an event in London hosted by ?the bank Santander.