![]() ![]() “What we're facing now is that reluctance to accept that, yes, we're all worse off and we all have to take our share.” Speaking on the Beyond Unprecedented podcast by Columbia Law School in April, Mr Pill said: “ need to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing the energy costs through onto customers. He argued that such demands only increased prices further and continued to drive up prices. Mr Pill, who earns nearly six times more than the average person, came under fire last month for urging workers to stop asking for pay rises as part of efforts to prevent the economy overheating. “I think the viral response to my words perhaps hasn't been very helpful to our communication or our understanding of the situation.” In an online Q&A session on Monday, Mr Pill said: “If I had the chance again to use different words, I would use somewhat different words to describe the challenges we all face. Huw Pill, the Bank’s chief economist, acknowledged that he should have chosen his words with more care after telling British families to “accept that they’re worse off” following a surge in inflation. The senior Bank of England official who told households to accept being poorer has admitted that he should have used “less inflammatory” language. ![]()
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