Bank of England Chief Economist Urges Acceptance of UK's Decreased Wealth.

The Bank of England's chief economist, Huw Pill, has warned that companies and workers trying to pass the impact of inflation onto each other risks persistent inflation. Pill said that the reluctance to accept that everyone is worse off and must take their share is generating inflation. He added that the UK, which is a net importer of natural gas, faced a situation where the goods it buys from the rest of the world had gone up a lot relative to what it is selling to the rest of the world, primarily services. U.K. inflation was expected to drop into the single digits in March, but came in at 10.1%.