Britons urged to accept falling living standards

Hugh Pill of the British Central Bank urges fellow citizens to pay the price of government policy decisions

british The Telegraph drew attention to a podcast recorded by the chief economist of the Bank of England, Hugh Pill, in which the financier urges his compatriots to come to terms with their poor economic situation and bear their share of the burden, not trying to fight to lower prices or increase their incomes.

As Pill noted, there is a game of “pass the parcel” in the British economy, with households and companies trying to pass on their higher costs to each other. However, who exactly is to blame for the appearance of additional problems, the author does not directly indicate, limiting himself to general definitions. “If the value of what you are buying has increased compared to what you are selling, you will be in a worse position,” says the chief economist, and casually reminds that the UK is a major importer of natural gas, and its price has increased significantly compared to with the services that the UK sells to the rest of the world.

However, the main recipient of Pill’s message is the average Briton. Therefore, the main thing in the podcast is the advice to accept and, if possible, not to go on strike. “In the UK, someone needs to admit they are in a worse position and stop trying to maintain their real purchasing power…. And what we are facing now is the unwillingness to admit that yes, we are all worse off, and we all have to bear some of the burden,” the banker urges.