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People should just accept their falling standard of living, Bank of England exec says
Yes, that might make life easier for central bankers, whose own living standards aren't likely to fall.
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People Need to Accept They Are Poorer, Bank of England Exec Says
By Eir Nolsoe
The Telegraph, London
Tuesday, April 25, 2023
Britons have to accept they have become poorer, a senior Bank of England official has said, claiming that an unwillingness to accept the nation's downward mobility was fuelling inflation.
Huw Pill, Threadneedle Street's chief economist, said people "need to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices, whether [through] higher wages or passing the energy costs through onto customers."
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Pill said people and businesses were trying to maintain their standards of living and profits by either demanding higher pay or putting up prices.
However, he argued this was only likely to fuel inflation and compared the dynamic to a game of pass the parcel, where each player was unwilling to accept the burden of higher prices that make them poorer. ...
... For the remainder of the report:
https://www.telegraph.co.uk/business/2023/04/25/people-accept-poorer-bank-of-england-huw-pill/
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