When asked by the BBC if BOE members were urging British citizens not to ask for pay raises, Andrew Bailey replied: “Broadly, yes.” Inflation Economics BOE
The Bank of England raised the country’s benchmark bank rate from 0.25% to 0.5% this week in order to curb rampant inflation. “We face a trade-off between strong inflation and weakening growth,” the British central bank’s governor Andrew Bailey told the press. Furthermore, when asked by a BBC reporter if BOE members were urging British citizens not to ask for pay raises, Bailey replied: “Broadly, yes.
Following the BOE’s Monetary Policy Committee meeting, the bank disclosed that four out of the nine committee members wanted to bump the rate to 0.75%. However, the majority of committee members, including governor, voted to increase the benchmark rate to 0.5% instead. After the increase, the British pound tapped a two-year high against the euro, and British government bonds were sold off during the afternoon trading sessions on Thursday.
“That is painful. I don’t want to in any sense sugar that message. It is painful. But we need to see that in order to get through this problem more quickly.”
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