UK TREND : Public’s reaction to being called “poor” by Bank of England

26 April 2023

Huw Pill, the chief economist at the Bank of England, has stated that British households and businesses “need to accept” that they are poorer and stop requesting pay increases and increasing prices.

According to Pill, the economy is playing “pass the parcel” as businesses and households try to pass along their higher costs.

The statements made by Mr Phill have shocked and enraged members of the public, they have taken to twitter to express their opinion with regards to being told they “ need to accept that, yes, we’re all worse off”. The hashtag #Bank of England has been trending as a result.

British people "need to accept" they are poorer to bring down inflation, says Bank of England Chief Economist Huw Pill https://t.co/ZRYlErhCFb pic.twitter.com/rmIXK2emSN

— Bloomberg UK (@BloombergUK) April 25, 2023

People have shared what Huw Phill has said and added their own twist to it, such as tweeting that the Bank of England is telling us “ you need to accept that you’re poorer, so just shut up and be happy”.

Bank of England: 'You need to accept that you're poorer, so just shut up and be happy.' pic.twitter.com/FDDg4c6TNA

— Mark Alan Pearce (@PearceAlan1962) April 25, 2023

Socialist Howard Beckett questioned the statement and shared “ why people need to accept they are poorer. When corporate profits hit 70 year high last year. How about we don’t accept exploitation at the hands of the rich.” According to Becket “It is time to learn from France”.

Top Bank of England official says people need to accept that they are poorer.

Why? Corporate profits hit 70 year highs last year. How about we don’t accept our exploitation at the hands of the rich.

It’s time to learn from France.

— Howard Beckett (@BeckettUnite) April 25, 2023

Economic justice campaigner Richard Murphy shared the news and stated that “ the people of this country are poorer because of deliberate government austerity policies – and they need never accept that”.

The people of this country are poorer because of deliberate government austerity policies – and they need never accept that https://t.co/si7X2n1aqd

— Richard Murphy (@RichardJMurphy) April 25, 2023

Member of Parliament Richard Burgeon tweeted “ I am sick of the rich and the powerful saying this while corporate profits soar and billionaires rake it in. Enough of making ordinary people pay. We need a Wealth Tax on the super-rich!”.

The Bank of England's top economist has told people to just accept they're going to be poorer.

I'm sick of the rich and powerful saying this while corporate profits soar and billionaires rake it in.

Enough of making ordinary people pay. We need a Wealth Tax on the super-rich!

— Richard Burgon MP (@RichardBurgon) April 25, 2023

People were truly shocked at the statements made by the Bank of England’s chief economist and tweeted that “ he woke up and decided on violence ” by saying this stuff.

He woke up today and decide on violence 🔥🔥🔥

British households and businesses “need to accept” they are poorer and stop seeking pay increases and pushing prices higher, the Bank of England’s chief economist, Huw Pill, has said. pic.twitter.com/yN3CmEI9Xu

— Wall Street Silver (@WallStreetSilv) April 25, 2023

Another twitter user wondered “ if rather than asking us to accept being poorer. How about he tells his pals in government ( who are responsible for making us poorer) to stop thieving our money…”

https://twitter.com/ArgyleLoz/status/1650929506826199154?s=20

Associate Editor at Daily Mirror Kevin Maguire wondered “ what substance did Huw Phill take to be lecturing worker and families to meekly agree to be poorer Britons, he is just adding insult to injury”.

Lecturing workers and families to meekly agree to be poorer Britons adds insult to injury.

I wonder what he's on.https://t.co/W74DKCn9cf

— Kevin Maguire (@Kevin_Maguire) April 25, 2023