British Prime Minister Boris Johnson has warned that workers will have to settle for real-terms pay cuts if Britain is to avoid 1970s-style “stagflation” and soaring interest rates.
Johnson also outlined plans for a “benefits to bricks” scheme on Thursday to allow welfare payments to secure mortgages.
In a bid to help renters on to the property ladder, he also pledged a review of the mortgage market.
Johnson suggested in a major speech in Blackpool that there should be restraint on wage rises, on the day the cost of a full tank of petrol for a family car exceeded $125 for the first time.
SOURCE: JORDAN NEWS AGENCY