Another member of the Bank of England’s Monetary Policy Committee has made headlines with his recent comments. This time it was Huw Pill, who holds the position of the Bank’s chief economist. Pill is known for giving speeches that can be difficult to follow, but during a recent podcast produced by Columbia Law School in the US, he spoke in terms that were easy to understand. Pill stated that someone in the UK needs to accept that they are worse off and not try to maintain their real spending power by bidding up prices. This includes higher wages or passing energy costs onto customers. He went on to say that there is a reluctance to accept that everyone is worse off and that everyone has to take their share. Pill’s comments have been received as strange, as British workers have already been accepting that they are getting poorer and have been taking their share for some time.
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