LONDON (Reuters) -The Bank of England (BoE) cannot consider the threats posed by inflation to be under control and interest rates will need to rise further but the economy is going into a recession, complicating the outlook, its chief economist said. “I think we cannot declare victory against second-round effects, but we are entering a recession,” Huw Pill said at a conference organised by the bank UBS on Tuesday. “That’s a difficult trade-off environment for monetary policy.” Last week, the BoE raised borrowing costs by the most in more than 30 years when it increased Bank Rate by three quart…