Wage pressure was ‘big call’ in BoE forecasts, says Pill
Chief economist says easing of wage pressure will be critical if UK is to avoid recession
The expected future development of UK wage bargaining was a “big call” that shaped the Bank of England’s latest inflation forecasts, chief economist Huw Pill said today (February 9).
Pill said policy-makers expect current high wage pressures to ease, “as headline inflation falls and unemployment rises owing to the impact of higher energy prices on real incomes and domestic demand”.
“This is a crucial assumption – the ‘big call’ – underlying our inflation outlook,” he told an event hosted by
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