Andrew Bailey wants British workers to think again when they ask for an inflation-busting wage rise. “I’m not saying nobody gets a pay rise, don’t get me wrong, but I think, what I am saying, is we do need to see restraint in pay bargaining otherwise it will get out of control,” the Bank of England governor told BBC radio.
With inflation already high and soaring skywards to more than 7%, Bailey was warning that Thursday’s increase in interest rates to 0.5% would be the first of many if workers did start a rush of demands for double-digit wage increases.
