The governor of the Bank of England has warned there is "very real income shock" coming from energy prices and "apocalyptic" food prices but stood by the Bank's policy decisions.
Andrew Bailey said he felt "helpless" as he defended the BOE’s monetary policy despite households being battered by soaring inflation, UK media said Tuesday.
He also doubled down on his claim that workers should not be demanding big pay rises. Bailey, who earns £570,000 a year, told MPs that big earners should 'think and reflect' before asking for large salary increases to help curb rising inflation.
He told MPs at the treasury select committee on Monday that UK consumer demand will be impacted by current inflation, which is the highest in 30 years, and this is expected to cause higher unemployment.
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