Commenting on the latest inflation figures published today (Tuesday), which show CPI inflation at its lowest level for five years, TUC General Secretary Frances O’Grady said:
“With inflation well under control there is no case for raising interest rates any time soon. It would dump higher mortgage costs on households still feeling a squeeze on their living standards and risk choking off economic recovery.
“As the Governor of the Bank of England said last week, British workers have faced pay cuts deeper than at any time since the 1920s. The priority now has to be wage rises to ensure a sustained economic recovery and a return to growing living standards.”
NOTES TO EDITORS:
- The full text of the speech given last week by the Bank of England Governor Mark Carney to the TUC Annual Congress can be found at http://www.tuc.org.uk/congress/congress-2014/mark-carney-governor-bank-england-speech-congress-2014
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
Issued: 16 September, 2014