Stop asking for pay rises you are ruining the economy, a top banker has said, without a hint of irony. Ignoring the banking crisis and the fact top FTSE top brass pay increase over 20 % in 2022…
UK households and businesses “need to accept” they are poorer and stop seeking pay increases and pushing prices higher, the Bank of England’s chief economist, Huw Pill, has said.
According the the central bank’s annual report, Pill received a £95,000 pay package for his first six months when joining the BoE in 2021, while Bailey was paid £495,000 in the year to 28 February 2022.
Bailey was paid £495,000 in the year to 28 February 2022, while Pill was paid £88,000 for his first five months and 24 days, according the the central bank’s annual report, taking his annual salary to £180,000.
“If the cost of what you’re buying has gone up compared to what you’re selling, you’re going to be worse off,” Pill said.
“So somehow in the UK, 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 the energy costs through on to customers.
“And what we’re facing now is that reluctance to accept that, yes, we’re all worse off, and we all have to take our share.”
“Instead, [people] try and pass that cost on to one of our compatriots, saying ‘we’ll be all right, but they will have to take our share too’.
“That pass the parcel game that’s going on here … that game is generating inflation, and that part of inflation can persist.”