The Chief Economist of the Bank of England, Huw Pilland the head of economic policy, Jonathan Haskeltestify before the UK Treasury Select Committee alongside the Governor Andrew Bailey.
Main comments from Bailey’s statements
“We see signs of easing in the labor marketwe expect it to show up more in a decline in job openings and hours than in an increase in unemployment.”
“We need to see more evidence of inflation pressures easing“.
“Most of our comments on wages refer to the private sector, large gap between private and public sector wage growth“.
“The effect of the public sector wage increase on inflation and demand depends on how it is financed.”
“The economic impact of the public sector salary increase depends on whether it is financed with taxes or loans“.
“I ask that the expected rapid drop in inflation be taken into account in wage demands“.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
