LONDON (Reuters) – Bank of England Chief Economist Andy Haldane has warned there is a chance that cost pressures faced by British companies lead to high prices that become embedded in pay demands, in an echo of inflationary wage-price spirals of previous decades.
“There’s again a chance that those price pressures could get embedded in pay packets and then we have something closer – not on the same scale remotely – but something closer to the sort of ‘wagey-pricey’ spiral that we’ve seen at times in the past, the Seventies and Eighties,” Haldane said in an online interview https://www.youtube.com/watch?v=60JMJcVuVN4 with the Centre for the Study of Financial Innovation.
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