Quite why Huw Pill felt the need to apologise this week is a bit of a mystery. The Bank of England’s chief economist was spot-on with his original comment that households and businesses need to accept they are worse off as a result of the current bout of inflation. But he later felt he had to say sorry for his “inflammatory” remark.
“Bitter” Pill may have worded things a bit clumsily but it was a bit rich for the governor, Andrew Bailey, who has a tendency to sugar the pill, to publicly rebuke him for it.
Pain there has to be, either for employees or firms or both. It can be short-lived, or stretched out, but the medicine has to be taken. There is no
