The FT has reported that:

It could be straightforward to dismiss this as little greater than inflation matching.

However then, in fact, it must be recalled that few teams of staff have had inflation matching pay rises. And 12% is just not, anyway, inflation matching. It’s, in fact, inflation busting.

Enterprise might protest that there isn’t any proof of greedflation, however the proof says in any other case.

Except beneficiant pay rises are permitted over the following yr or so this brief, sharp bout of inflation goes to offer rise to a long run reallocation of rewards in society in direction of capital. And when working individuals are already in need of the means to spend and capital has an extra of funds already out there to it which it has no thought easy methods to spend the consequence of that may solely be a depressed financial system the place the one factor that may develop can be inequality.