UK workers must accept lower pay deals to help beat inflation, says Bank ratesetter

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

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.

Let's seize the means of production and find out for ourselves how to beat inflation.

ill accept lower pay rises when I see lower profits, and CEOs refusing rises / giving back money to pay employees instead.

Haha. What else? How about lowering taxes on corporations and ultra wealthy? That obscene wealth will eventually trickle down, you know!

Okey dokey, you go first.

If it is anything like here in the US, it is price gouging causing a large chunk of inflation.

How about UK CEOs must accept lower pay deals to help beat inflation?

F that. Someone's trying to grab a bigger splice of the pie by cutting into mine, time to push back.

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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