BoE governor vows to turn down any pay rise, as high inflation hits poorest hardest – business live– business live

Harriett Baldwin turns to the labour market:

Q: Isn’t it clear that we’re in a wage-price spiral now? There’s a lot of wage pressure out there, so how much will the Bank raise pay by?

Governor Andrew Bailey says the Bank hasn’t settled its pay offer to staff yet.

Total pay in the economy is rising by 6%, he says, but the Bank isn’t planning to raise pay that much.

He points out that many…