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Bank of England’s Andrew Bailey dishes out tough love to British public

• Distinguish between quantitative easing (QE) and quantitative tightening (QT)

• Inflation is expected to top 7% and companies expect pay settlements to rise to 4.8% in 2022. Explain the effect on households’ real incomes

• Andrew Bailey’s call for workers to ask for moderate pay rises has not been well received. Explain what is meant by a wage-price spiral

• Evaluate whether a fall in energy prices would lead to further tightening of monetary policy

Gavin Clarke, Emmanuel College