Don’t wait for worried workers to call the shots on wages
by Phillip Inman from 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%.
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