People need to accept they are poorer, says Bank of England economist
The Bank of England's top economist has said people in the UK need to accept that they are poorer otherwise prices will continue to rise.
This move, in theory, is suppose make people reduce spending, so that demand for goods cools down and price rises slow down. Mr Pill said people demanding pay increases and businesses putting prices up added to inflation and caused prices to rise even further across the economy. "That pass-the-parcel game that's going on here, that game is one that's generating inflation, and that part of inflation can persist."
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