As Lord Mervyn King observed, given the uncertainty, the  6 This suggests persistent shifts in the supply of labour, with many workers either ‘opting out’ of employment, or  taking early retirement, or waiting for better pay or working conditions – all factors putting upward pressure on wage inflation.
6  BIS Review 52/2006  A financial system serving development The capital markets Funds raised directly in the market by firms in the form of listed shares and bonds represent only 17 per cent of their financing in Italy, about a quarter less than in France and Germany; the figure is higher than 40 per cent in the United States and close to 50 per cent in the United Kingdom.