Andrew Bailey puts us all in a sticky situation
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Narrated by Robert Lea
The governor of the Bank of England seems ever more intent in lodging himself up a gum tree. Speaking at the Mansion House this week Andrew Bailey confessed that inflation is proving to be “more sticky” than he had predicted because of the strength of the labour market. He indicated that galloping wage inflation is the single key metric for his monetary policy interest rate-setting committee.
Right on cue and providing a post-Mansion House hangover, ONS figures revealed that UK wages are rising at the fastest since records began at the start of this century and discounting the wild swings of the pandemic. The 7.3 per cent jump was above forecasts and contributing to the official rate of inflation at 8.7 per cent — perversely
