date: 10 July 2008

embargo: for immediate release

TUC on July interest rates

Commenting on the decision today (Thursday) of the Bank of England's Monetary Policy Committee (MPC) to hold interest rates at 5% TUC Head of Economic and Social Affairs Adam Lent said:

'This was the wrong decision. The knock-on effects of the credit crunch and the rush of overly-gloomy headlines are already threatening an over-reaction and deeper down-turn than the actual economic news suggests. With no signs of an inflationary spiral, the Bank today should have put growth first and cut rates.'

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Press release (300 words) issued 10 Jul 2008