June 8, 2023

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“Accept to be poorer,” is the storm on the Central Bank of GB – Ultima Ora

(ANSA) – LONDON, April 26 – Britons “should” “accept” that they are poorer and therefore abandon demands for wage adjustment in the face of a rising cost of living. This was stated by the Chief Economist of the Bank of England, Huw Bell, which caused a strong controversy.

Despite being an independent figure, his words disturbed both the Conservative Party government, which for some time seemed to dislike the supposed intervention of the Central Bank in political issues or files such as the post-Brexit crisis, as well as newspapers and magazines. The centre-left’s opposition to an apparently excessively liberal approach.

Pill stated in a podcast produced by the US Columbia Law School that it is normal for workers to try to get higher wages in the current situation, or for a restaurant to raise prices in order to cover energy costs, but all of this in the end ends up making things worse by generating inflationary spiral. The chief economist pointed an accusing finger at the “abdication of responsibility” occurring between companies and workers and effectively called for the abandonment of demands made by unions in the months-long wage disputes in the US. kingdom. His speech comes in a context where the Bank of England has been working for some time to raise interest rates to curb record inflation, which is still above 10%. (handle).

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