Companies and workers are trying to pass the impact of inflation onto each other — and that risks persistent inflation, according to Huw Pill, the Bank of England’s chief economist.
“What we’re facing now is that reluctance to accept that yes we’re all worse off, we all have to take our share,” Pill said on an episode of Columbia Law School and the Millstein Center’s “Beyond Unprecedented” podcast, released on Tuesday.
“To try and pass that cost on to one of our compatriots and say, we’ll be alright but they will have to take our share — that pass the parcel game … is one that is generating inflation,” he said.
Source: Brits need to accept they are now poorer, Bank of England chief economist says
