Cyprus Mail

BoE governor wrong to call for wage restraint – Tesco chairman

tesco sales uk britain supermarket retail

Staff at Tesco (TSCO.L) deserve to be protected from inflation and it was wrong for the governor of the Bank of England to tell workers to restrain their demands for wage rises, the chairman of Britain’s biggest supermarket said on Sunday.

Andrew Bailey drew an icy response from unions and the government after he said workers should show restraint when asking for annual pay rises, in an indication of the tensions ahead as British people face the biggest drop in living standards for more than 30 years.

Asked about Bailey’s comment, John Allan told BBC TV: “Our 300,000 colleagues … deserve to be protected from inflation.

“So I think that’s the wrong direction for people to go in.”

Follow the Cyprus Mail on Google News

Related Posts

Barclays plans cost cuts, bumper buybacks in bid to boost shares

Reuters News Service

Top UK pension fund Nest expects to lift private assets to 30 per cent of holdings

Reuters News Service

Greek ship attacked in Red Sea by Houthis arrives in Aden with cargo

Reuters News Service

Cyprus discusses natural gas prospects in regional forum

Kyriacos Nicolaou

Nvidia dethrones Tesla as Wall Street’s most traded stock

Reuters News Service

Cyprus Shipping Chamber welcomes mission to protect Red Sea vessels

Souzana Psara