by Kurt Zindulka
The public should just “accept that they’re worse off” than they were a year ago amid rampant inflation, an ivory tower Bank of England boss said this week.
Huw Pill, the chief economist for the UK’s central bank, said that people should not seek salary increases to cope with the soaring inflation, which the Bank of England predicted would be a “temporary” phenomenon in August of 2021, yet, inflation remains in double digits in Britain nearly two years later.
In a ‘let them eat cake’ moment, Pill, who reportedly earns a salary of £190,000 per year, said that rather than demanding pay increases commeserate with the rise in cost of living, the central banker said that people should just “accept that they’re worse off” condeming the “reluctance” of families to come to grips with the impacts of inflation on their way of life.
The central banker argued that if people continue to ask for pay hikes, it will have a ripple impact of increasing prices across the board.
“If the cost of what you’re buying has gone up compared to what you’re selling, you’re going to be worse off,” Pill said in comments reported by The Times.