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Podcast: Beyond Currency
Episode: 26 April 2023 - Unrealistic wage demands drive inflation higher
Description: Bank of England Chief Economist Huw Pill, speaking on a podcast in the U.S. yesterday expressed his belief that the people of the UK need to wake up to the reality that they have no divine right to relative wealth.
He believes that workers and firms should stop trying to pass on higher costs by raising prices or demanding higher wages.
Until people accept that rising inflation has made them poorer, inflation will continue to rise. Simple economics shows that the UK as a significant importer of natural gas has seen its expense base rise exponentially, while its income...