Brexit Partly to Blame for High UK Inflation, BOE Official Says
- Chief Economist Huw Pill says labor shortages pushing up wages
- Remarks add to concerns about impact of health on workforce
Huw Pill
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Brexit is partly to blame for historically high inflation in the UK by causing labor shortages, strengthening pricing pressure among firms and weakening the economy, Bank of England chief economist Huw Pill said.
The central bank has estimated that leaving the European Union will cost the UK 3% in permanently lost national output within 15 years and has seen no reason to change the assumption, he added.