The Bank of England’s Chief Economist Tells Brits To Stop Seeking Pay Rises And Accept Being Poorer

The Bank of England’s top economist called on Brits to accept that they are poorer and to stop seeking pay rises.

Speaking on an episode of Columbia Law School’s “Beyond Unprecedented” podcast Huw Pill said:

“What we’re facing now is that reluctance to accept that yes we’re all worse off, we all have to take our share,”

“To try and pass that cost on to one of our compatriots and say, we’ll be alright but they will have to take our share — that pass the parcel game … is one that is generating inflation,”

“So somehow in the U.K., someone needs to accept that they’re worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing energy costs through on to customers, etcetera.”

UK inflation was at 10.1% in March a dip from the 10.4% the previous month, however this is not indicative of does noprices are falling, just that they are rising at a slower rate.