This is the best summary I could come up with:
Victory in the war on inflation will require British workers to accept lower pay deals and companies to rein in their profits, a senior Bank of England policymaker has said.
In a speech almost a week after she and fellow policymakers kept interest rates unchanged at the highest levels since the 2008 financial crisis, she said inflation in the service sector of the economy remained too high to meet the Bank’s target.
Financial markets anticipate that falling inflation and near-stagnant economic growth should open the door to the Bank cutting interest rates by as much as one percentage point this year, from the current level of 5.25%.
The Bank’s policymakers are, however, concerned that underlying inflationary pressures from the domestic economy could drive inflation closer to 3% by the end of the year, highlighting risks from rising service sector prices and resilient wage increases.
Speaking at an event for the UK Women in Economics Network, Breeden said that indicators of annual pay growth remained in the 6-7% range, significantly higher than recorded in recent years.
The monthly survey, which is closely watched by the Bank for early warning signs from the economy, found permanent salary inflation had dropped to a 34-month low, highlighting “ongoing uncertainty around the economic outlook”.
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Oh fun, a real life prisoner’s dilemma.
I bet we can all guess whether employers hold up their end of the bargain by reining in profits. Gotta make sure those shareholders get theirs.
Lmao what a load of bs shit
Accept lower pay deals… Are prices going to decrease in the short term? Nope.
They expect people to live on bread and water because they fucked everyone too hard.
Fuck them
Corporations will have to accept non-record breaking profit margins to beat inflation, says regular Joe
That $1 billionth dollar banked comes with a free trip to the guillotine.
Feel free to earn just as much as you want, but spend it on something.
b-b-but the ecomony!!1
Let’s seize the means of production and find out for ourselves how to beat inflation.
Yeah right. We’ve had next to no wage increases over the last 15 years but workers still carry the can. Totally ignore the energy companies raising their prices significantly based on costs yet still make huge record profits. Ditto supermarkets.
Okey dokey, you go first.
ill accept lower pay rises when I see lower profits, and CEOs refusing rises / giving back money to pay employees instead.
I tried to refuse pay for on call recently as it has tax implications that I didn’t want to do deal with, but my employer refused.
So, yeah, take it up with them you bunch of bankers.
bunch of bankers.
The correct collective noun for bankers is a “wunch of bankers”
Funny how it’s never the upper class that has to give.
Haha. What else? How about lowering taxes on corporations and ultra wealthy? That obscene wealth will eventually trickle down, you know!
This is what Brixit was all about. British corporations wanted to slash wages but couldn’t under the EU because British labor would just leave. But now their stuck and now the employers are going full mask off
It took me embarrassingly long to realize you meant the British labor force would leave, as in they’d get jobs in France or something, rather than the British LaborParty would leave (and go where, I couldn’t figure out)…
If it is anything like here in the US, it is price gouging causing a large chunk of inflation.
F that. Someone’s trying to grab a bigger splice of the pie by cutting into mine, time to push back.
How about UK CEOs must accept lower pay deals to help beat inflation?
