Skip to content

Bank of England boss: 'Don’t ask for a big pay rise'

The governor of the Bank of England Andrew Bailey has suggested that workers should consider not making big wage demands this year to help bring inflation back down.

Lower wage settlements would be painful he admitted but would help “get us through this more quickly”.

3 February 2022

Bank of England

Explore More

Angela Rayner at the dispatch box in the Commons at PMQs

PMQs: Deputies clash over latest inflation figures

Baby Ummi at an MSF clinic

‘They cry of hunger once they notice there’s no milk’

Henry Zeffman

Henry Zeffman: Will falling inflation change minds on the campaign trail?

King Charles looking at the new bank note

King Charles sees new banknotes with his image on

Rishi Sunak speaking

PM questioned on 'bounce back' despite rising prices

Rishi Sunak

Sunak: Tackling inflation our 'most important priority'

Bank of England Governor Andrew Bailey

Bank of England chief warns against complacency

Education Secretary Gillian Keegan

Education secretary says pay deal is 'fair'

Sam Shephard

'Inflation puts us in a difficult position'

Northern Ireland

Rishi Sunak

Sunak to be 'responsible' on public sector pay

Rishi Sunak

Sunak: We'll hold our nerve and stick to inflation plan

Stephen Flynn

SNP on inflation: Rising prices a 'cost of greed crisis'

woman in a factory wearing a white coat and a hair net

High inflation leaves food firm boss in tears

Andrew Bailey

Inflation to 'drop sharply' from summer, says Bank

David Turner

'We've had 14 supplier price rises in past year'

Northern Ireland

The UK has narrowly avoided falling into recession, after the economy saw zero growth between October and December.

We have avoided recession - Jeremy Hunt

Jeremy Hunt

Wage rises risk entrenching high inflation - Hunt

Bank of England Governor Andrew Bailey

Bank chief: 'We think inflation will fall rapidly'

The shadow chancellor is asked what Labour would do if it was delivering the next Budget.

Labour: extend windfall tax and freeze fuel duty

Chef flipping burgers

'Everything has gone up - labour and materials'

Northern Ireland

Rachel Reeves

Watch: Reeves 'deeply proud' to be first female chancellor

The Chancellor has presented her first Budget in the Commons.

Twins James and John Makanjuola,

The twins cleaning London's unloved spaces

Entrepreneurs James and John run a cleaning firm, but take it to the next level in their spare time.

Paula Vennells at the Post Office inquiry

Key moments from former Post Office chief's three-day testimony

Paula Vennells faced three days of questions about her role in the wrongful prosecution of hundreds of sub-postmasters.

Paula Vennells reaching for a tissue in the Post Office inqiuiry

Ex-Post Office boss cries while giving evidence

Ex-Post Office boss Paula Vennells is speaking about the incident for the first time in ten years.

Santiago Paredes

Whistleblower claims Boeing supplier sent faulty parts

Spirit AeroSystems supplied Boeing with faulty parts, a former quality inspector has told the BBC.

Tatti Lashes

Tatti Lashes: The school friends who built a beauty empire

Charlotte Tiplady and Elliot Barton explain how together they built up their Tatti Lashes beauty empire from Liverpool.

Ocado has added robotic arms to its newest warehouse near Luton.

Watch Ocado robots in action

Ocado has added robotic arms to its newest warehouse near Luton.

Business Headlines

BBC World News business headlines

The latest international business headlines from BBC World News.

Jo Hamilton

'I feel survivor's guilt' says Post Office victim

Former sub-postmaster Jo Hamilton told BBC Breakfast she feels "guilt" after settling with the government over the Horizon IT scandal.

Woman in sunglasses smiling while answering questions related to the Budget

Watch: 'My biggest financial regret is...'

People in Kent share their finance stories ahead of Wednesday's Budget. Would you share yours?

Mohsin Issa

Issa brother to step back after 'fixing' Asda

Mohsin Issa, one half of the so-called "billionaire brothers" who own Asda, says he plans to hand over the running of the UK's third biggest supermarket.

Robots

'We had to adapt our robots to the AI revolution'

Sandy Enoch of Robotical explains why he had to pivot his educational robot company due to AI.

Picsart

'AI won't steal your job, but people using it may'

Hovhannes Avoyan, founder of picture and video editing app Picsart, shares his advice for our CEO Secrets series.

Picture of The Body Shop storefront in the 80s

'They thought it was a sex shop' - The Body Shop in the '80s

Archive footage shows Dame Anita Roddick talking about her company's success, in an 1984 interview.

Raid on Co-op store

CCTV shows violent raid on Co-op store

The retailer gave the footage to the BBC as it warned of a rise in attacks on retail staff.

Sir Howard Davies

Not that difficult to buy a home, says NatWest chair

Sir Howard Davies says he believes it is not currently "that difficult" for people to get on the housing ladder.

Joanna Jensen

'A viral Facebook post nearly blew up our business'

Joanna Jensen, founder of skincare brand Childs Farm, shares advice for start-ups for our CEO Secrets series.

Ofcom chief executive Dame Melanie Dawes

Broadband rises must be 'clearer', says Ofcom boss

The regulator has plans to make mobile and broadband firms more upfront about mid-contract price rises.

Earring

'This earring helped me build my £4bn business'

Richard Harpin, co-founder of Homeserve, explains how an earring taught him an early business lesson.

Olivia DeRamus and BBC reporter Lora Jones

'Taking control of my abuse story'

Olivia DeRamus set up an app in the wake of her sexual assault. Now she's ready to take on Big Tech.