PM raises spectre of 1970s-style economic crisis that could force dramatic rise in interest ratesAll today’s politics news – as it happensBoris Johnson has raised the spectre of a 1970s-style “wage-price spiral” that could force the Bank of England to push up interest rates dramatically if workers demand to be compensated for rocketing prices.Instead the prime minister promised a return to lowering taxes, cutting government spending and slashing regulation, after a renewed push by backbench Conservative MPs. Continue reading…
Source : theguardian.com
Read more…Boris Johnson warns of ‘wage-price spiral’ if workers demand higher pay