Blanchflower: BoE now admits pay growth is going to be poor

In its February 2014 Inflation Report the Bank of England’s Monetary Policy Committee argued that the outlook was “for only modest rises in wages”. The Bank’s chief economist at the time, but now mercifully departed, Spencer Dale, who was in charge of the forecast, explained that “we expect real…

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Blanchflower: BoE now admits pay growth is going to be poor

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