Apocalyptic food prices, ‘helpless’ but don’t ask for a pay rise
A leading story in the UK media this morning has been comments from the Bank of England’s governor on “apocalyptic” food prices and growing concerns over the cost of living crisis. The papers’ coverage of the comments are repackaged in several different headlines.
Some papers lead by blaming the Ukraine war, whilst others note the hypocrisy of Mr Bailey telling people not to ask for a pay rise. The left-leaning papers look at how the crisis will affect the poorest – both at home and abroad, whilst right-leaning appear to be a little more sympathetic to Mr Bailey.
The left-wing Guardian approach is focusing on Andrew Bailey’s comment that the highest UK inflation in three decades and rising food prices could have a disastrous impact on the world’s poor.
Fellow left-leaning paper the Daily Mirror appeals to MPs to vote in favour of a Labour proposal to give the hardest-hit households £600 to help with the cost of living crisis.
On the same story, the right-leaning Daily Mail reports the governor felt “helpless” over the soaring inflation and they warn there was a “very real income shock” ahead. The Daily Express also focuses on Andrew Bailey’s admission that he is “helpless” in the fight against inflation. The paper reports Bailey urged high-earners to not demand large pay rises – whilst also reminding the reader of the governor’s £575,000 salary.
Whilst the Daily Telegraph looks at the political consequences. The paper says Mr Bailey’s comments are set to increase pressure on the Bank of England from Tory MPs who are “exasperated that he failed to act sooner”. The paper also reports it’s likely to add pressure on the Treasury to hold an emergency Budget to tackle the cost of living crisis.
The Financial Times says Mr Bailey deflected the blame for the soaring cost of living onto global “shocks”, including Russia’s invasion of Ukraine. The paper says that he implied the Bank of England would not shy away from generating a recession to get inflation “back to target.”
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