date: 7 August 2008

embargo: for immediate release

TUC disappointed by interest rate hold

Commenting on the Bank of England Monetary Policy Committee's decision to hold interest rates at five per cent this month, TUC Head of Economics and Social Affairs Adam Lent said:

'While the Government talks of the need for an economic recovery plan to restart growth in the UK, the Bank is doing all it can to hold down consumer confidence and business investment.

'This is not the time to be holding rates when the prospects for the economy in 2009 look increasingly weak. The Bank should cut and cut fast.'

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Press release (300 words) issued 7 Aug 2008