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Inflation & Prices

Take the Medicine to Cure UK Inflation Virus, BOE Official Says

  • Huw Pill says more unemployment is the price of taming prices
  • BOE chief economist also urges action on supply-side issues
Bloomberg business news
BOE Hikes Key Rate by 50 Basis Points to 4%

The Bank of England has warned that higher unemployment is the price of taming double-digit inflation as it urged the government to take action to fix the economy’s dire growth prospects.

Chief Economist Huw Pill said the economy needs to “take some medicine now” to tackle the inflation “virus” and the wage pressures that are fueling it.