Unite press release 

For immediate release: Wednesday 23 February 2022

Unite says Bailey blew a hole in BoE's neutrality when he targeted workers' pay

Union claims Andrew Bailey politicised the Bank of England when he singled out pay, not profits.

Ahead of the Governor of the Bank of England's appearance before the Treasury select committee today (Wednesday 23), Unite says Andrew Bailey blew a hole in the Bank of England's pretence of neutrality by targeting workers in the grip of a crippling cost of living crisis. 

The Treasury Committee will hold a session with senior figures from the Bank of England (BoE), including Governor Andrew Bailey, today (9:30am Wednesday 23 February).  The union is calling on the committee members to press Bailey on why he targeted workers’ wages but made no mention of rocketing profits.

Earlier this month Mr Bailey was widely criticised when he called for wage restraint in response to rising inflation. Unite general secretary Sharon Graham rejected the Governor of the Bank of England's call “for a national pay cut”.

Unite General Secretary, Sharon Graham said: "Andrew Bailey blew a hole in the Bank of England's pretence to be neutral when he targeted workers' pay packets instead of company bosses and inflated profits. 

“Andrew Bailey has made it clear whose side he's on. Following the last financial crisis workers experienced the longest stagnation of wages since the Napoleonic wars. Now he wants this to continue against a background of soaring inflation, even while big bosses line their pockets.

“Workers didn’t cause galloping inflation or the energy crisis so why should they pay for it? Unite will always seek pay deals that reflect the true cost of living because anything else is a wage cut.”

Unite is also challenging the use of the CPI measure of inflation instead of the RPI by the Office of National Statistics as potentially “a hidden tax on workers’ wages”. 

With the government determined to abandon RPI altogether by the end of the decade for the lesser measure of CPI, Unite is working with economists to develop the Unite Bargaining Index. The Unite BI, which will track all real living costs, will be the union's benchmark measure in all wage and pension negotiations.

 ENDS

For media enquires contact Ciaran Naidoo on 07768 931 315. 

Email: [email protected]

Twitter: @unitetheunion Facebook: unitetheunion1 Instagram: unitetheunion

Web: unitetheunion.org 

Unite is Britain and Ireland’s largest union with members working across all sectors of the economy. The general secretary is Sharon Graham.