The Bank of England has released a report, co-written by chief economist Charlie Bean and other bank staff, warning that an increase in the share of national income being taken by wages may lead to a rise in inflation. A rise in the share of wages from 66 per cent in 1996 to 70 per cent 1999 has reduced profitability, and could lead to a rise in prices as companies try to restore the profits ratio. The strength of the pound is thought to have held back the effects in the short term.