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  3. Mervyn King, governor of the Bank of England, weighed into the debate about

Mervyn King, governor of the Bank of England, weighed into the debate about

游客2023-11-12  29
问题     Mervyn King, governor of the Bank of England, weighed into the debate about immigration last night when he strongly hinted that the influx of workers from eastern Europe over the past year had helped to limit increases in interest rates. Speaking in Yorkshire, Mr. King said that the 120, 000 eastern Europeans who had arrived in Britain since 10 more countries joined the European Union in May 2004 had kept the lid on wages and prevented inflation from rising.
    The governor said the appearance of new workers had helped to ease skill shortages in the economy at a time when inflation was just under Gordon Brown’s 2% target. " Without this influx to fill the skill gaps in a tight labour market it is likely that earnings would have risen at a faster rate, putting upward pressure on the costs of employers and, ultimately, inflation, " he said.
    Home Office estimates of immigration between May 2004 and March 2005 showed an increase in workers from eastern Europe, " not far short of the average annual increase in the labour force over the past decade".
    Interest rates were raised five times between August 2004 and November 2004 to reach 4.75% , but despite claimant-count unemployment being at its lowest level for 30 years, there has been little evidence of an acceleration in pay pressure. " Private-sector regular pay growth has been subdued, which is somewhat puzzling in the context of 30-year high employment rates, and 30-year low unemployment rates, which we would usually associate with a tight labour market, " Mr. King said.
    " It is possible, indeed likely, that inflows of migrant labour have eased labour market pressure. " The governor added, however, that the impact of migrant labour on inflation would diminish if the inflows of the past year were a one-off adjustment to the new work opportunities in Britain.
    Taking stock of the current state of the economy, Mervyn King said some of the beneficial impacts of globalization on inflation—lower prices, higher real incomes and diminished pressure in the labour market—were starting to unwind.
    There was a risk, Mervyn King said, that the recent sharp slowdown in spending on consumer goods would spread to services. He stressed, however, that there was also the possibility that inflationary pressure could build, with growth in the money supply strong, upside risks to labour costs, and rising import prices.
    May’s figures for producer prices showed the cost of the fuel and raw materials used by manufacturers still growing strongly but the increases being largely absorbed in lower profit margins.
    According to the Office for National Statistics, input prices increased by 7. 8% last month compared with a year ago and increased by 0. 2% compared with April. In contrast, the weakness of demand and the strength of competitive pressures meant the price of goods leaving factory prices fell by 0. 2% last month, significantly below City expectations and the annual growth rate fell back to 2. 7% compared with 3. 3% in April—the lowest rate in three months. [br] What can we learn from Mr. King’s words?
选项 A、Migrants hold down inflation.
B、30-year low unemployment rates are unexpected.
C、The oncoming inflation is inevitable.
D、The influx of workers from eastern Europe brings a bad effect on the British economy.
答案 A
解析 推理题。从文章第一句“Mervyn King，governor of the Bank of England，weighed into the debate about immigration last night when he strongly hinted that the in-flux of workers from eastern Europe over the past year had helped to limit increases in interest rates。”可知，这篇报道的是英国银行行长Mervyn King就东欧移民给英国经济带来的影响发表自己的看法，他认为移民的到来在一定程度上抑制了英国的通货膨胀，这是因为劳动力的增加减缓了工资上涨，从而消除了发生通货膨胀的危险，所以[A]是正确答案。
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