Inflation stood at 10.1pc in March as measured by the consumer prices index. The Bank instead warned that stubbornly high food prices mean inflation will remain higher for longer. The Bank of England has refused to accept responsibility for persistent inflation, although Mr Bailey insisted that he was not blaming workers and businesses for high prices. Mr Pill was rebuked last week by the Bank of England’s Governor, Andrew Bailey, who took issue with the chief economist’s wording.Īfter raising interest rates to their highest level since 2008, Mr Bailey said: “I don't think Huw's choice of words right to be honest. “What we're facing now is that reluctance to accept that, yes, we're all worse off and we all have to take our share.” Speaking on the Beyond Unprecedented podcast by Columbia Law School in April, Mr Pill said: “ need to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing the energy costs through onto customers. He argued that such demands only increased prices further and continued to drive up prices. Mr Pill, who earns nearly six times more than the average person, came under fire last month for urging workers to stop asking for pay rises as part of efforts to prevent the economy overheating. “I think the viral response to my words perhaps hasn't been very helpful to our communication or our understanding of the situation.” Download the song for offline listening now. Play & Download Agony MP3 Song for FREE by Statues from the album Black Arcs Rising. In an online Q&A session on Monday, Mr Pill said: “If I had the chance again to use different words, I would use somewhat different words to describe the challenges we all face. Play & Download Agony MP3 Song for FREE by Statues from the album Black Arcs Rising. Huw Pill, the Bank’s chief economist, acknowledged that he should have chosen his words with more care after telling British families to “accept that they’re worse off” following a surge in inflation. The senior Bank of England official who told households to accept being poorer has admitted that he should have used “less inflammatory” language.
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