The outgoing chief economist of the Bank of England, Andy Haldane, has said that the UK economy may need less monetary support as it s is going gang-busters and inflation pressures are rising.
Haldane, who is leaving the role this month to become the chief executive of the Royal Society for Arts, Manufactures and Commerce, said that from petrol and diesel to timber and cement, it was hard to find anything whose price isn t going up at the moment .
Wages are also starting to rise, he said, but they need to rise further, and enough well-paid jobs also need to be created to get the economy moving and people off the furlough support and back into the world of work.
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According to the Stanbic Bank Purchasing Managers’ Index, which measures monthly business activity, the index slightly declined by 1.3 points during May