High levels of immigration are fuelling Britain’s housing crisis, according to the Bank of England’s chief economist, who blamed skyrocketing rents on a shortage of properties. Huw Pill said higher interest rates were not responsible for record hikes in rental costs, which jumped by 9.2pc in the year to March. He said “quite large increases in immigration” were piling more pressure on Britain’s housing stock, after net migration hit a record-breaking 745,000 in 2022. In comments made after the Bank of England held rates at 5.25pc for a sixth consecutive meeting on Thursday, Mr Pill said: “The population is growing. “To some extent, the rents are really a reflection of supply and demand factors [and] reflect things that aren’t to do with monetary policy.” A shortage of houses stems from delays in the planning sector, Mr Pill said, which has long been a source of concern for Britain’s biggest developers. By arguing that monetary policy is not to blame for the housing crisis, he pushed responsibility towards politicians. He added: “We don’t really build enough houses in this country. And the reason we don’t build enough houses or housing in this country is in large part [because] there’s a lot...