Andrew Bailey (from the BoE) telling people not to ask for a salary increase from their boss, while he’s on a salary on £500,000 takes the biscuit.
Though unfortunately his economics are correct as wage inflation will add to an upward inflationary spiral. As employees salaries increase, so does the cost of the business’s products to cover their overheads.
Putting up interest rates in the short term won’t cure inflation as a large amount of it is from high imported energy costs. In the medium term If energy prices decrease but inflation persists, then putting up interest rates is the only cure.
Unfortunately it looks like we are heading into a huge shit storm, 70s style.