Bank of England right to keep interest rates on hold, says TUC
“The Bank is right to keep rates on hold and recognise the ongoing risks to our weak economic recovery. Given the Chancellor's plans for severe spending cuts, putting interest rates up too soon would hit growth hard, choking off recent gains in employment and earnings for working-age people.”
6 August 2015
Commenting on the Bank of England’s latest economic outlook and decision on interest rates published today (Thursday), which increases the growth forecast but keeps rates on hold and warns of weak underlying economic momentum and slowing employment growth, TUC Assistant General Secretary Paul Nowak said:
“The Bank is right to keep rates on hold and recognise the ongoing risks to our weak economic recovery.
“Given the Chancellor's plans for severe spending cuts, putting interest rates up too soon would hit growth hard, choking off recent gains in employment and earnings for working-age people.”
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
- Congress 2015 will be held in the Brighton Centre from Sunday 13 September to Wednesday 16 September. Free media passes can be obtained by visiting www.tuc.org.uk/MediaCredentials2015 and completing an online form. Applications must be in by noon on Tuesday 25 August. Any received later than that will be processed in Brighton and will cost £75.
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