Kwarteng sent the pound tumbling and British government bond yields soaring with the announcement on Friday of sweeping tax cuts in a bid to shock the economy into a faster pace of growth.
"It is hard not to draw conclusion that this will require a significant monetary policy response," Pill told the CEPR Barclays Monetary Policy Forum on Tuesday.
Some investors and economists have said the British central bank should hold an emergency meeting now to agree on a big interest rate hike to counter the inflationary impact of the fall in the pound.
"I do want to flag clearly at this point that in my view the combination of fiscal announcements that we've seen will act as a stimulus," Pill said.
While the Nov. 3 date of the BoE's next scheduled policy announcement seemed a long way away, it was better for central banks to take a "more considered approach, a lower frequency approach," and in the meantime the BoE would rely on communicating its intentions, he said.
(Reporting by David Milliken and Marc JonesWriting by William Schomberg)