Weak growth a sign of families feeling squeeze on wages, says TUC

25 May 2017

Commenting on today’s (Thursday) revision down to 0.2% for GDP growth in the first quarter of 2017, which the Office for National Statistics says reflects household spending slowing down, TUC General Secretary Frances O’Grady said:

“This is a very worrying sign of the squeeze that families are feeling. Prices are rising faster than earnings, and households are getting deeper into debt.

“The next government will inherit an economy that needs serious attention. An urgent priority must be to reverse the current fall in living standards. The minimum wage must go up faster, and the pay restrictions on public servants like nurses, firefighters and midwives must be ended.

“It is also vital for Britain to increase investment in communities where good jobs are in short supply. More investment is needed in skills, transport links, broadband, decent homes and high quality public services.”

The TUC has published analysis this morning (Thursday) showing that unsecured debt per UK household will reach a record high this year of £13,900. This exceeds the pre-crisis peak of £13,300 in 2007.

ENDS

Notes to Editors:
- TUC analysis of unsecure debt per UK household can be found here: www.tuc.org.uk/economic-issues/economic-analysis/britain-needs-pay-rise/household-debt-will-reach-record-high-first
- All TUC press releases can be found at tuc.org.uk/media
- TUC Press Office on Twitter: @tucnews