3 November 2016
Commenting on today’s (Thursday) warning from the Bank of England of higher inflation and lower wages, following the fall in value of the pound, TUC General Secretary Frances O’Grady said:
“The Bank’s warning must spur the government into action so that workers don’t pay the price of Brexit with a squeeze on wages.
“UK workers already suffered the largest fall in real wages after the financial crisis of any developed country except Greece – they can’t afford another hit to their pay packets.
“The Chancellor should use the Autumn Statement to protect jobs and wages, with new investment in infrastructure like roads, rail, green energy and homes. And the national minimum wage must be increased to keep it well ahead of inflation.”
Notes to Editors:
- The Bank’s forecasts show CPI inflation rising to 2.7% in 2017, with average weekly earnings falling to 2.75%, which would mean an increase in real wages of just 0.05%.
- All TUC press releases can be found at tuc.org.uk/media
- TUC Press Office on Twitter: @tucnews
Issued: 3 November, 2016