BOE Chief Economist Says Britons ‘Need to Accept’ They’re Worse Off
- Huw Pill says ‘pass the parcel’ game is underway on inflation
- Official says workers need to take their share of costs
Pedestrians pass stores in Cambridge, UK.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Bank of England Chief Economist Huw Pill said the British people need to accept they are poorer instead of seeking to claw back a historic drop in living standards after a jump in inflation.
“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 onto customers,” Pill said in an interview streamed Tuesday on the “Beyond Unprecedented” podcast.