LONDON (Reuters) – The Bank of England needs to raise interest rates further, but not as high as the 5.25% level which financial markets had priced in before the central bank’s latest rate decision, BoE Chief Economist Huw Pill said on Friday. Pill was giving a presentation to businesses about the BoE’s decision on Thursday to raise interest rates to 3% from 2.25% – its biggest rate rise since 1989 as it battles the highest inflation in 40 years and a potentially lengthy recession. Pill’s remarks hewed closely to the line set out by Governor Andrew Bailey and in a statement agreed by the major…