Best of the blogs
Class war at the Old Lady
ft.com/free-lunch
Bank of England governor Andrew Bailey recently called for wage restraint in order to prevent inflation. In response, I asked on Twitter why he was calling for wage restraint from workers and not profit restraint from businesses, and the tweet went viral, says Martin Sandbu. In reply, some suggested that it was obvious that a banker on £500,000 a year would want to “put workers in their place”.
But that is “too facile”. The Bank is “duty-bound” to fight inflation and Bailey’s view of how inflation could take off is standard among economists. When the price of
