BBCNEWS BBC News at One June 4, 2024 12:18:00
But they're still not keeping up with price rises, the average workers getting significantly poorer. what's not to like about faster than expected pay rises? the problem from the bank of england's point of view is that employers might have to charge higher prices in order to cover the higher cost of their pay bill, and then employees might think they need a bigger pay rise to cover those higher prices, and then you get a wage—price spiral where both of them keep on rising. that's what the bank of england's afraid of. economists now think the bank of england will boost its official interest r...