Central Bank of UK said that wages for labor were going to be less than the rising price of things people are buying, so people just have to get used to it and everyone has to 'take their fair share' ie accept that the standard of living was going to decline

Controversial for someone in such a position to say so. Question of for what then are these institutions?
 
Did Pill mean cyclically, that we'd have a few down quarters and then continue upward? or did he mean that a peak has been reached? How does decreasing population and decreasing globalization factor in?