3 August 2017
Commenting on the Bank of England’s decision today (Thursday) to hold interest rates at 0.25%, and downgrading of its economic growth forecast, TUC General Secretary Frances O’Grady said:
“The weakening outlook for growth, and gloomy forecast for wages, are a big worry for workers whose living standards are already falling.
“Families will welcome the decision to hold rates. But while caution from the Bank is sensible, the government needs to be much bolder in its approach to getting wages rising.
“With businesses reluctant to invest, the government must step up to the plate with a plan to boost investment, and to get wages rising again. They should start by scrapping the unfair pay restrictions on public servants that are leaving them thousands of pounds worth off. And they must boost the minimum wage to £10 as soon as possible.”
Notes to Editors:
- All TUC press releases can be found at tuc.org.uk/media
- TUC Press Office on Twitter: @tucnews
- Congress 2017 will be held in the Brighton Centre from Sunday 10 September to Wednesday 13 September. Free media passes can be obtained by visiting www.tuc.org.uk/Mediacredentials2017 and completing an online form. Applications must be in by noon on Tuesday 29 August. Any received later than that will be processed in Brighton and will cost £75.
Issued: 3 August, 2017