'What we’re facing now is that relucatance to accept that, yes, we're all worse off and we all have to take our share' 🔴 Huw Pill of the Bank of England sparked a backlash by suggesting that workers should stop demanding higher pay
in The US: “Somehow in the UK, someone needs to accept that they’re worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing the energy costs through onto customers. What we’re facing now is that relucatance to accept that, yes, we’re all worse off and we all have to take our share.”
In response, Paul Nowak of the Trades Unions Congress said: “Working people are enduring the longest wage squeeze in 200 years. They don’t need lectures – they need a pay rise.” ONS data on the public finances published on Tuesday revealed that Government borrowing for the last financial year was £18bn higher than the year before, totalling £139.2bn – but lower than forecast by the Office for Budget Responsibility.
Some economists suggested the lower-than-expected borrowing would give the Chancellor the ability to increase public spending or cut taxes without pushing the deficit towards dangerous levels, but No 10 and Treasury sources toldJeremy Hunt said: “These numbers reflect the inevitable consequences of borrowing eye-watering sums to help families and businesses through a pandemic and Putin’s energy crisis.
The Chancellor is expected to have two more opportunities before the next general election to announce fiscal giveaways and has already said he is keen to cut taxes when it is safe to do so. But he has also committed to reduce the overall burden of public debt from its current level of 99.6 per cent, after 15 years in which it has steadily risen despite the impact of austerity under the Coalition government.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England economist says people need to accept they are poorerHuw Pill, chief economist for the Bank of England, says asking for pay rises contributes to inflation.
Read more »
Brits need to accept they are poorer or they will make inflation worse, top Bank of England official insistsBrits need to accept they are poorer after spiralling inflation, the Bank of England's chief economist has said.
Read more »
Keir Starmer video blunder puts Glasgow in England as he marks St George's DayGlasgow's Finnieston Crane and a busy Buchanan Street made prominent appearances in a video by the UK Labour leader where he celebrated England's national day, St George's Day.
Read more »
Classic Spring Weather Pattern Continues This Week in New EnglandAfter being spoiled by some incredible spring weather a couple of weeks ago, it’s a tough realignment to settle into this pattern of highs in the 50s and occasional showers and realize: this is what’s normal for New England this time of the year. From temperatures to showers, it all fits the April New England bill. We’re coming off a soaking…
Read more »
Map of England’s most dangerous beaches to swim at - including North West spotMap of England’s most dangerous beaches to swim at - including popular North West tourist spot
Read more »