Chief economist Huw Pill says workers and firms should stop trying to pass on rising costs by hiking prices or demanding better wages
British households and businesses “need to accept” they are poorer and stop seeking pay increases and pushing prices higher, the Bank of England’s chief economist, Huw Pill, has said.
However, he said the UK is a big importer of natural gas, and its price has gone up a lot compared with the exports, mainly services, which the UK sells to the rest of the world. “So somehow in the UK, someone needs 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 on to customers.
“Instead, [people] try and pass that cost on to one of our compatriots, saying ‘we’ll be all right, but they will have to take our share too’.
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