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This is CBS, I'm the world, I'm John Baxter with Joseph Sternberg.

My colleague, he is a member of the editorial board of the Wall Street Journal.

He's in London. He writes political economics.

And we go now to a remark by the chief economist of the Bank of England.

His name is Mr. Pill, Hugh Pill.

He said in part on a podcast, it's now being passed around everywhere.

Somehow in the UK, someone needs to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices,

whether higher wages or passing the energy costs through and onto customers.

He said in an interview, he went on to say that the British people need to accept that they are poor,

instead of seeking to claw back a historic drop in living standards.

Good heavens, Joe.

I understand he's an economist, but still to allow this quote in the Bank of England,

unless of course they've become something I'm unfamiliar with, which is a candid politician, which is it, Joe?

Oh, I think this is just an absolutely ridiculous comment for anyone to have made,

particularly for someone at the central bank to make.

It's indicative of the real economic and political quack, Meyer, that we've fallen into with all of the inflation crises of the past year or two.

So the problem in the UK is that inflation is remaining persistently above 10% on a year on your basis.

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