The Bank of England is wrong again: workers aren’t to blame for inflation | James Meadway

Why should we all just accept we're worse off', when corporate greed and global shortages are really to blame?

The Bank of England's chief economist, Huw Pill, provoked derision this week when he claimed that inflation means those in Britain need to accept that we're all worse off, and we all have to take our share". Echoing comments made last year by the Bank's governor, Andrew Bailey, on the need for pay restraint", Pill claimed the pass-the-parcel game" of wage and price rises was generating inflation".

I disagree: they are both almost entirely wrong, and the clumsy messaging reflects the failure of conventional thinking and policy in tackling the cost of living crisis.

James Meadway is director of the Progressive Economy Forum

Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here.