UK workforce exodus could force BoE to raise interest rates, says chief economist

Departure of more than 500,000 workers since Covid risks stoking inflation, says Huw Pill

The surge in people quitting the British workforce because of ill health or early retirement could force the Bank of England to further increase interest rates, its chief economist has warned.

Huw Pill said the departure of more than half a million workers from the jobs market since the Covid pandemic risked stoking inflationary pressures, long after the shock from sky-high energy prices is likely to fade.