Recovery is not strong enough to survive higher interest rates, warns TUC

Commenting on the preliminary estimate of GDP growth in the first quarter of 2014, published today (Tuesday) by the Office for National Statistics, TUC General Secretary Frances O’Grady said:

“This is the kind of growth we could have seen two or three years ago if the government had not choked off recovery through cuts, austerity and wage freezes.

“But however welcome these figures are the economy remains below its 2008 peak and most people have yet to see much benefit from growth. Pay and job prospects are still below pre-crash levels, and there will need to be many more years of figures like today’s, before ordinary families recover lost ground.

“The worst possible conclusion from today is to believe that the recovery is now strong enough to survive higher interest rates.”