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Re: Rising cost of living
Telegraph headline
Quote:
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Early retirement has forced up inflation, says Andrew Bailey
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Telegraph article
Quote:
Despite the Bank’s actions, inflation still stands at 10.4pc, more than five times its target and the highest rate in the G7 group of major economies.
In his speech at the London School of Economics, Mr Bailey said that this had been triggered by a combination of crises such as Covid and the Russian invasion of Ukraine, as well as post-Brexit changes to the country's trading relationship with the European Union.
He said: “These shocks have affected the UK economy in different ways. But they have all eroded the terms on which we trade with the outside world.
“This has made us poorer as a country, manifesting itself in a rise in the prices we have to pay for the things we buy as consumers.”
He added that the sharp and unexpected fall in the number of people in the workforce since lockdown was partly responsible.
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