Economy43 minutes ago (Oct 10, 2021 05:50AM ET)
© Reuters. FILE PHOTO: Britain’s Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng speaks to media in Westminster, London, Britain, September 21, 2021. REUTERS/Hannah McKay
LONDON (Reuters) – Inflation in Britain is troubling and the independent Bank of England will do a good job in curbing it, but the government is right to focus on higher wages, business minister Kwasi Kwarteng said on Sunday.
“I think rising costs always should trouble a business department. But I think also … we need to have a focus on higher wages,” he told Times Radio. Britain’s conservative government has recently argued that higher wages are the best response to labour shortages in industries like haulage.
Asked whether the people should start preparing for an interest rate rise, Kwarteng said:
“The bank is independent, and will take a view. The bank’s principal motive will be to try and curb inflation, I think that they’re going to do a good job of that and we have to make sure that we can contain any rises in the cost of living.”
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