Bank of England boss Bailey (on £570k a year) tells Britain to think twice about asking for a pay rise as he warns it’s ‘powerless’ against soaring inflation
Bank of England boss Bailey (on £570k a year) tells Britain to think twice about asking for a pay rise as he warns it’s ‘powerless’ against soaring inflation
33 comments
Again?? Is he trying to compete with Bojo for most hated and out-of-touch man in Britain?
i love how much everyone in charge openly hates us
37% payrise, think I’m good thanks Andrew
but did he get a raise this year?
To be fair, he isn’t suggesting that everyone should restrain from asking increase, he specifically says **higher** earners:
> Andrew Bailey said that higher earners should ‘think and reflect’ before asking for salary hikes, that is despite a worsening cost-of-living crisis for workers. In February he also urged restraint on pay.
What is his threshold for “higher” earner is open for debate since he doesn’t specify that.
Also he himself refused a pay rise this year:
> When grilled by MPs on the Treasury Committee yesterday, Bailey, who earns £570,000 a year, said he had rejected a pay increase for 2022.
Of course he can better afford that than someone on, say 50K a year, but at least he has done what he preaches.
“iTs a wOrKeRs mArKeT”
Join a union.
Pay has nothing to do with causing inflation, unless the system is broken and people are getting greedy.
Data shows wages are outstripping inflation.
“The ONS said earnings in March shot up by 9.9pc on the year, with bonuses in the finance and construction industries helping pay packets keep up with the cost of living.”
What we are getting now from various establishment figures and the government is an updated version of ‘let them eat cake’.
I mean, he’s right. I had a decent pay rise last year and I’ve never felt so powerless as it was all immediately swallowed by inflation.
A good lesson that we should all just give up, lay down and die.
These bankers and MP’s really do live in a different reality than the rest of us. We need a fucking revolution not just a protest. Out the fookers!
Utter bollocks to say this. It’s nonsense maths to say giving pay rises = auto increase prices across the board.
The maths only holds to that if your company must make record breaking profits every year. We’re in a crisis and many people have done their bit diligently. We’ve been told to shut up and not ask for much and get through austerity, a recession, dark days.
If not now for a pay rise then when? It’s time for some of these companies to lose some share value. Not for people to starve or freeze to death.
They’re powerless to do anything about inflation because they’ve set interest rates at rock bottom for 15 years so rich cunts could gorge themselves on cheap debt and buy everything up.
He also said that the income shock from global goods and energy prices would have a much bigger effect on demand than interest rates.
i.e. we don’t need to raise interest rates to tackle inflation, the massive increase in prices will do that for us!?!
When you think about it, The BOSS of the BANK OF ENGLAND is on LESS money that some twat running round a field kicking a ball.
Its like being in a race with America and we’re both competing for last place
Powerless? I’m sure that is proportional to how much you earn and how much you could get a pay rise for.
He is concerned about the compound effect of companies being forced to raise wages in line with inflation, creating more rising inflation.
But sure, us serfs will juat take one for the team.
Free market economy, supply and demand blah blah blah.
Oh wait no, not like that. Workers, don’t act rationally and demand the maximum the market will give for your labour, you’ll break the super robust economic system we made up.
This is gonna make the last financial crisis look like a practice run
“We’re knee capping you. Don’t bother with over the counter pain relief, you’ll feel it anyway”
“Ok, can I have something stronger?”
“No?, Can you just not knee cap me then?”
“No? Oh…”
Have you tried asking businesses to not raise prices instead?
Is he going to take a 120k pay cut for us all then.
Where Marble Arch stands now is where we used to put the heads of traitors on pikes. I’m not inciting anything, but we should probably use that public space better.
almost as if capitalism naturally encourages individual gain with the absence of government intervention
A bit rich for an Associated Newspapers news site to be attacking rich corporate fat-cats when all the Daily Mail and Metro have done for the past twelve years is suck off a political party that props up rich corporate fat-cats…
Bank of England Chair powerless against the coming financial crisis. Wonder why he is on over 500k a year then…
In 2012 Mervyn King, former Governor, was on £308k.
So that’s an 85% pay rise for that position in 10 years. How many normal people have had a similar pay rise for doing the same job?
Here we have the over paid clueless how others live brigade
His job is to keep inflation under 2% and he’s literally saying he can’t do his job. Which is fine but then why pay him £570k?
The richest in society have been taking a larger slice from a larger cake, year on year, every year while they told us that, eventually, due to trickle-down economics we’d eventually get our share. Then suddenly when unemployment is at record lows and we are finally in a position to demand more than crumbs they warn us that doing so will wreck the economy? GOOD! The economy is already wrecked! By their greed! It doesn’t work for the majority, we get just enough to keep us fearful, stupified and passive while they hoard the rest at the cost of the planet.
He is scared of a wage-price spiral, but he is equally a fool for thinking an ordinary everyday person is going to turn down a salary rise.
The cat is out of the bag now, there’s no way inflation is coming down to 2% this year. A cocktail of COVID, QE, Brexit, Russo-Ukraine war and one of the worst droughts on record in Brazil isn’t good for the economy.
You’re just afraid of inflation spiral you dickhead.. should have told FED and bank of England and ECB to not print trillions during covid you fuckers.. now we take this burden and you’re telling us not to get a pay raise ? Honestly.. fck u
Not a single thing anyone of us can do about it.
Late capitalism in full effect.
sure is a shame the BoE and the chancellor have absolutely no power over the economy! oh well