Huw Pill salary: how much Bank of England economist earns - after saying people 'need to accept' they're poor

The comments from Huw Pill come as food prices continue to soar amid the cost of living crisis

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Amid a financially crippling cost of living crisis and a continuous surge in strike action as workers fight for more support from employers, a Bank of England chief economist has come out with a damning statement. Huw Pill, who studied at Oxford University, has told people that they "need to accept" that they are poor and labelled it as a game of "pass the parcel" with the UK economy.

The comments come as families are facing 17.3% grocery inflation in supermarkets as food prices continue to rise at its fastest rate. It also follows the announcement that nurses from the Royal College of Nursing voted to reject a 5% pay rise, as a host of other public sector workers continue to walkout.

Council tax has also saw a sharp hike this month, with all local councils in England issuing an increase with highs of 14.99% recorded in Croydon.

During these hard and stringent times, what did Huw Pill say that has been so heavily criticised, and what is his salary? Here is everything you must know.

What did Huw Pill say?

Speaking on the Beyond Unprecedented podcast produced by Columbia Law School, Pill blamed households and companies of attempting to try and pass on their higher costs. He explained that the population's refusal "to take our share" is one of the main reasons behind soaring record-high inflation rates.

Pill said: "The UK, which is a big net importer of natural gas, is facing a situation where the price of what you're buying from the rest of the world has gone up a lot, relative to the price of what you're selling to the rest of the world, which is mainly services in the case of the UK.

Huw Pill, the Chief Economist and Executive Director for Monetary Analysis and Research at Bank of England (Photo: Bank of England)Huw Pill, the Chief Economist and Executive Director for Monetary Analysis and Research at Bank of England (Photo: Bank of England)
Huw Pill, the Chief Economist and Executive Director for Monetary Analysis and Research at Bank of England (Photo: Bank of England)

"If the cost of what you're buying has gone up compared to what you're selling, you're going to be worse off. So 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 onto customers, and what we're facing now is that reluctance to accept that, yes, we're all worse off, and we all have to take our share.

"[People are trying to] pass that cost on to one of our compatriots. That pass the parcel game that's going on here… that game is generating inflation, and that part of inflation can persist."

What is Huw Pill's salary and how much does he earn?

Huw Pill, a Bank of England chief economist, has told people in the UK should accept that they are poor - Credit: GettyHuw Pill, a Bank of England chief economist, has told people in the UK should accept that they are poor - Credit: Getty
Huw Pill, a Bank of England chief economist, has told people in the UK should accept that they are poor - Credit: Getty

According to The Guardian, Pill received an around £95,000 pay package for his first six months of joining the Bank of England. His total salary is an estimated £190,000 and the chief economist allegedly lives in a £1.5 million home in London.