The Bank of England’s top economist, Huw Pill, has said on a podcast that Brits need to 'accept that they’re worse off ' amid the cost of living crisis and despite the inflation rate being 10.1%.
He said in response to higher bills and other costs rising, workers had responded by asking for wage increases and businesses were charging more.The rate dropped last month from 10.4% but prices are still rising at a slightly slower pace.
There has also been huge strike action from key workers including nurses, hospital staff and train drivers after rows with the government over pay, during a cost-of-living crisis.It comes as the price of everyday essentials has increased massively over the last six months ‘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; to try and pass that cost onto one of our compatriots and saying: ‘We’ll be alright, but they will have to take our share too’.
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