Economics
BOE’s Bailey Calls for Pay Restraint to Halt Fear of Wage Spiral
- Officials say rate rises will boost unemployment, living costs
- Bank grappling with worst inflation shock in 30 years
This article is for subscribers only.
Bank of England Governor Andrew Bailey called for workers to hold off on demands for higher pay, saying the nation needs to focus on keeping inflation in check despite the mounting cost of living squeeze.
With rising prices eating away at the value of people’s incomes, Bailey said his goal is to halt an upward spiral of inflation that would come with expectations for bigger salaries.