date: 4 September 2008

embargo: For immediate release

Interest rates hold 'depressing', says TUC

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

'This is a depressing decision. With the slowdown now biting and recession on the cards, inflation is not the main threat to the economy.

'A cut today would have offered hope to all those who fear for their jobs and homes, and helped cut through the economic pessimism that is now doing as much damage as the credit crunch and energy prices.'

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Press release (300 words) issued 4 Sep 2008