BoE’s Pill: UK must accept it’s ‘worse off’
Chief economist says declining terms of trade mean purchasing power must fall
Bank of England chief economist Huw Pill said people in the UK must “accept that they’re worse off” and stop trying to shift the burden of inflation to other parts of the economy.
Pill was speaking about inflation on an April 25 episode of the Beyond Unprecedented podcast, hosted by professors Eric Talley and Talia Gillis of the Columbia University law school.
The economist described “a series of unfortunate events” that all tended to increase inflation. He listed a series of supply shocks
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