Higher wages overtake energy to become 'biggest driver of price rises'
While public and private sector operators are under pressure to attract and retain staff in the tight labour market and help workers with the cost of living crisis, the bank argues bumper pay packets are counterproductive.
The process of stifling activity in the economy through interest rate hikes is what has driven things such as fixed mortgage rates up - intensifying the squeeze on household budgets.The BCC's survey findings suggest there is a chance that wage growth has further to go as the official figures from the Office for National Statistics currently only cover up to April.
"There is a fine balancing act to be struck here. Push too hard on interest rates and there is a real danger that the long-term outlook for economic growth and prosperity will be dented." A closely-watched economic indicator released earlier on Wednesday suggested the bank's work was having an effect.
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