Wage rises needed not rate rise, says TUC
Responding to the announcement today (Thursday) by the Bank of England’s Monetary Policy Committee that interest rates will remain at 0.5 per cent, TUC General Secretary Frances O’Grady said:
“With inflation at just 1 per cent, signs that economic growth is slowing, and deflation in the Eurozone, it's no surprise the Bank has not raised rates.
“With inflation at just 1 per cent, signs that economic growth is slowing, and deflation in the Eurozone, it's no surprise the Bank has not raised rates.
8 January 2015
Responding to the announcement today (Thursday) by the Bank of England’s Monetary Policy Committee that interest rates will remain at 0.5 per cent, TUC General Secretary Frances O’Grady said:
“With inflation at just 1 per cent, signs that economic growth is slowing, and deflation in the Eurozone, it's no surprise the Bank has not raised rates.
“It is wage rises that we need, not an interest rate rise. As well as reversing the unprecedented decline in living standards, wage rises will help head off the growing threat of deflation.”
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
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