International Shia News Agency
Other NewsUk

Bank of England’s Chief Economist: “People should know they are poorer”

SHAFAQNA- The Bank of England’s Chief Economist, Hugh Peele, said recently that British households and businesses should accept that they have become poorer and stop asking for pay rises.

A “series of inflationary shocks” from the pandemic, the conflict in Ukraine and product shortages have pushed prices in Britain to their highest level in 40 years, RT reported, citing Pill. He claimed that in response to the increase in bills and other rising costs, workers and businesses try to transfer the effect of inflation to each other.

In the continuation of this report, Peel argues that people “try and pay this to one of our fellow citizens.
He warned that “the closed game that’s going on here … that game creates inflation, and that part of the inflation could continue.”

Annual inflation in the UK reached 10.1% in March, driven mainly by higher food prices. He concluded: “So in the UK, people need to accept that they are worse off and stop trying to preserve their real spending power by raising prices, whether through higher wages or passing energy costs on to customers.”

Source: RT

www.shafaqna.com

READ MORE FROM SHAFAQNA:

 

UK: Over one million children received food aid in the past 12 months

 

 

Related posts

London’s Iconic Tate Modern Art gallery Hosts Open Iftar

nasibeh yazdani

UK MP warns: Explosion of unreported Islamophobia

nasibeh yazdani

UK: Panel discussion on Islam and Hollywood to be held at ICAIR

nasibeh yazdani

Two Muslim women hit by car in east London

nasibeh yazdani

EU-UK-USA citizens can perform Umrah without visa according to Saudi Hajj Ministry

nasibeh yazdani

Euronews: UK records 4950 winter deaths amid cost of living crisis

anvari

Leave a Comment