"Andrew Bailey hands Bank of England staff inflation-beating pay rise
Governor previously warned British workers should not ask for big raises"
Telegraph: 8th March 2024: Article by on Bank of England hypocrisy.
"Andrew Bailey has awarded an inflation-beating pay rise to Bank of England staff, despite repeatedly telling workers they should not demand large wage increases. The Bank’s 5,000 staff will receive an average salary boost of 4pc in the twelve months from March this year. This is significantly higher than Threadneedle Street’s own forecasts for inflation, which it expects to fall to 2pc in spring before rising slightly again and ending the year at 2.75pc...
Mr Bailey has previously faced criticism for telling workers they should not ask for a big pay rise, despite the cost of living crisis. The Bank’s chief economist Huw Pill also landed in hot water after suggesting Britons had to accept they were poorer following the energy crisis...
The Bank of England pay increases come after Mr Bailey warned only last month that wages were still rising too fast for inflation to fall back to the Bank’s 2pc target...
[The Bank] generates its own money by levying fees on firms it regulates, selling banknotes and receiving income from financial assets.Taxpayers have had to pay the Bank £38bn in the last 15 months to cover losses from its digital money printing programme....is expected to rise to as much as £170bn over the next decade..."
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