Bank of England Governor supports UK wage growth.
10 Sep 2014
Mark Carney, Governor of the Bank of England (BoE), spoke to the Trades Union Congress (TUC) at their annual conference, commenting on UK wage growth and productivity.
Mr Carney said: ‘I can announce today the Bank’s intention to become an accredited Living Wage employer by the time of the next TUC conference.
‘Of course, the BoE’s responsibilities for promoting the good of the people of the United Kingdom go much further than being a responsible employer. We manage monetary policy to achieve price stability: low, stable and predictable inflation. And we promote financial stability by regulating and supervising financial institutions as well as by taking targeted actions to insure against unsustainable indebtedness, as we did earlier this year for the housing market.
‘By maintaining price and financial stability we put in place the foundations for sustainable job creation and income growth’.
TUC General Secretary Frances O’Grady said: ‘Mark Carney recognised the pain felt by British workers from pay cuts deeper than any since the 1920s, and he was clear that Britain deserves a pay rise.
‘His strong support for the living wage should be heard across Government and the public sector’.
Mr Carney’s speech focused on the need for a rise in skill levels throughout the UK. He insisted that education and lifelong learning need to be available both in and out of work. Social investments such as this are the key to economic productivity, he added.