Press Release Summary: Charlie Bean, new deputy governor of the Bank of England, has said that the rising oil prices will have a deep impact on the living standards of Briton for the next 12 months.
Press Release Body: London (Longdogfinance) July 03, 2008: The rising prices will have a severe impact on the standard of living of Britons in the upcoming one year as per Charlie Bean, new deputy governor of the Bank of England. Charlie added and appealed to the workers not to press their demands for higher wages in the response to the rising inflation rate.
He, however, stressed that this growing inflation can be curbed if serious and thoughtful efforts can be synchronised to offset productivity levels as a whole. The rising oil prices are likely to continue themselves for the next two years, as per Charlie Bean. The reason he attributed for the same is the incapability of the extra supply sources in proportion to the expectations. This trend of oil prices is seen as short-term. However, if the inflation continues its upward trend, there will be immense difficulties in holding back the demand pressures for higher wages by the workers community. This will eventually lead to a fall in the standard of living for a major part of the British community.
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