Charles Bean, one of the UK’s most prominent economists, said the country as a whole will have to take a real-terms pay cut to adjust for the shocks stemming from the war in Ukraine.
A former Bank of England deputy governor and member of the Office for Budget Responsibility, Bean said businesses can absorb some of the hit but that people too will suffer.
Read more here: https://www.bloomberg.com/news/articles/2023-03-23/charles-bean-says-uk-real-incomes-need-to-fall-5-due-to-shocks?utm_co#xj4y7vzkg
