Aangirfan: UK Column News 28 April

Friday, 28 April 2023

At 29 April 2023 at 06:30 , Anonymous said...: "People urged by Bank of England economist to 'accept' being poorer

https://news.sky.com/story/bank-of-england-rate-setter-urges-people-to-accept-they-are-poorer-in-fight-against-inflation-12866426

"The Bank of England's chief economist, Huw Pill, has urged people to accept they are poorer

Mr Pill: 'Somehow in the UK, someone needs to accept that they're worse off and stop trying to maintain their real spending power ... through [seeking] higher wages'"

In same article, Ed Conway, Sky News Economics Editor, comments:

"With the country going through a once-in-a-generation cost of living crisis, it's hardly palatable to be lectured by a very well-paid former Goldman Sachs banker that we all need to live a little less extravagantly.

Saying the country as a whole is poorer is not the same as saying everyone is feeling the squeeze in quite the same way.

Lower income groups are feeling the impact of higher energy and food prices considerably more than higher income groups.

The country has become worse off, but some have felt the brunt of it more than others.

It's not the first time someone from the Bank of England has said something indelicate and insensitive at a time of nationwide economic insecurity and it's unlikely to be the last"