When asked by the BBC if BOE members were urging British citizens not to ask for pay raises, Andrew Bailey replied: “Broadly, yes.” Inflation Economics BOE
The Bank of England raised the country’s benchmark bank rate from 0.25% to 0.5% this week in order to curb rampant inflation. “We face a trade-off between strong inflation and weakening growth,” the British central bank’s governor Andrew Bailey told the press. Furthermore, when asked by a BBC reporter if BOE members were urging British citizens not to ask for pay raises, Bailey replied: “Broadly, yes.
Following the BOE’s Monetary Policy Committee meeting, the bank disclosed that four out of the nine committee members wanted to bump the rate to 0.75%. However, the majority of committee members, including governor, voted to increase the benchmark rate to 0.5% instead. After the increase, the British pound tapped a two-year high against the euro, and British government bonds were sold off during the afternoon trading sessions on Thursday.
“That is painful. I don’t want to in any sense sugar that message. It is painful. But we need to see that in order to get through this problem more quickly.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BoE's Bailey: After adjusting for Covid, underlying wage growth is higher than would be expectedBank of England Governor Bailey on Thursday said that, after adjusting for Covid, underlying wage growth is higher than we would expect for this stage
Read more »
BOE's Bailey: We need to see restraint on wages'There are reasons to think gas prices will come down, they tend to revert to historical levels,' Bank of England (BOE) Governor Andrew Bailey noted o
Read more »
Chicago Bears hire Vikings assistant Andrew Janocko as quarterbacks coachThe Chicago Bears hired Minnesota Vikings assistant Andrew Janocko as their quarterbacks coach on Thursday.
Read more »
Andrew Yang Pledges 1% Of His Fortune To ‘Safeguard American Democracy.’ But With His Net Worth, That’s Not MuchThe former presidential candidate just pledged 1% of his net worth each year for four years. But without much cash to back it up, is this just an empty gesture?
Read more »
BoE's Bailey: After adjusting for Covid, underlying wage growth is higher than would be expectedBank of England Governor Bailey on Thursday said that, after adjusting for Covid, underlying wage growth is higher than we would expect for this stage
Read more »