The Bank of England is trying to maintain flexibility on its options for changing interest rates and investors should not assume it is set to do more big rate hikes, BoE Chief Economist Huw Pill said on Friday.

"We're trying to ensure there's an element of flexibility .... Given the uncertainties we face, I think we need flexibility either to go further, or to stay where we are, and the pace at which we go further to be varied according to circumstances," Pill told Bloomberg Television.

He said investors should not assume the BoE would raise rates by a further 50 basis points in September after it increased Bank Rate by that much on Thursday.