In a media round announcing a second interest rate rise in three months, the Bank of England governor Andrew Bailey said today that, in order to bring down inflation, staff should not ask for pay rises.
On BBC Radio 4’s World at One, John Caudwell was asked for his response to Bailey’s gaffe, as well as his thoughts on how the Government is dealing with the escalating, post-pandemic cost of living crisis.
Caudwell told presenter Jonny Dymond:
“It was very very naïve of the governor of the Bank of England to talk of restraining people’s pay requirements while sitting on a £600,000 a year salary. It really does show a lack of being in touch with the community and in touch with realism. People are always going to want pay rises, especially when inflation is out of reach.”
John expressed disappointment in the Government’s failure to adopt his Caudwell Pandemic Recovery proposals, which would have seen greater investment in the country’s long-term economic future rather than fuelling a short-term inflationary consumer bounce.
