Article 3SWBX Don’t wait for worried workers to call the shots on wages

Don’t wait for worried workers to call the shots on wages

by
Phillip Inman
from Economics | The Guardian on (#3SWBX)

The Bank of England fears low unemployment will cause runaway pay - but it has misread the situation

The bargaining power of the average British worker should be back to where it was when Tammy Wynette topped the charts with Stand By Your Man and the Rolling Stones announced an upcoming American tour with a performance from the back of a truck on Fifth Avenue.

May 1975 was the last time the unemployment rate stood at 4.2%. Back then official statistics showed that wages and salaries were increasing at 29.4%.

Related: Pound rallies after Bank of England is split on interest rates - as it happened

Related: How the collapse in full-time work for men is fuelling record underemployment | Greg Jericho

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