Boris Johnson warns of ‘wage-price spiral’ if workers demand higher pay
by Jessica Elgot and Heather Stewart from Economics | The Guardian on (#605RH)
PM raises spectre of 1970s-style economic crisis that could force dramatic rise in interest rates
Boris Johnson has raised the spectre of a 1970s-style wage-price spiral" that could force the Bank of England to push up interest rates dramatically if workers demand to be compensated for rocketing prices.
Instead the prime minister promised a return to lowering taxes, cutting government spending and slashing regulation, after a renewed push by backbench Conservative MPs.
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