METRO NEWS
The Bank of England’s top economist has said Brits ‘need to accept that they are poorer’ otherwise prices will continue to rise.
Huw Pill told a podcast in the US that there was a ‘reluctance to accept that, yes, we’re all worse off’.
He said in response to higher bills and other costs rising, workers had responded by asking for wage increases and businesses were charging more.
UK inflation, the rate at which prices rise, was 10.1% in the year to March.
The rate dropped last month from 10.4% but prices are still rising at a slightly slower pace.
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…
