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High oil prices 'to force down living standards for a year'
- Article from:
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Yorkshire Post
- Article date:
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July 3, 2008
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Copyright informationCopyright 2008 Yorkshire Post. Provided by ProQuest LLC. (Hide copyright information)
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Britain faces a year or more of lower living standards as a
result of soaring oil prices, says the new deputy governor of the
Bank of England.
Charlie Bean, formerly the Bank's chief economist, said oil
prices - already at a record high - could keep rising for another
two years.
Giving evidence to the Commons Treasury Committee, he said there
was a danger of a pay-price spiral developing if workers tried to
compensate by pushing up wages. "It certainly poses a significant
challenge," he said.
"It may be a relatively unlikely event but it could be
particularly unfortunate if it happened, if households and
businesses start losing faith in the idea that inflation will stay
low, round about the ...
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