Huw Pill was named the Bank of England’s Chief Economist in September last year. After a significant absence from the bank’s front-line team for a couple of months, for reasons unknown. He returned yesterday to provide a veiled criticism of what had gone before.

In a speech, he commented that he believes that Quantitative Easing may not be the answer to bond market dysfunction.

It is interesting that in his previous life working at global investment bank Goldman Sachs, he never once suggested another policy option to his former colleagues at the bank.

In a clear case of being wise after the event, Pill justified his comments by observing the current level of inflation that his new masters are scrambling to bring down.

Pill, opening a conference of Sovereign Capital Markets Research, Pill didn’t offer any alternative course of action, although he did appear to say that he wouldn’t support any such action were the need to recur.

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