TUC sounds alarm as household savings fall to lowest level since records began

Friday 29 July: For immediate release

Commenting on today’s (Friday) GDP figures, which show that household savings are at their lowest levels since record began, TUC General Secretary Frances O’Grady said:

“These figures make for grim reading. People raiding their piggy banks is bad news for working people and the economy.

“But with wages falling as living costs rise, many families are having to run down their savings or rely on credit cards and loans to get through the month.

“With household debt now at crisis levels, we urgently need to create better paid jobs. And the government must do its part by lifting the unfair pay restrictions on public sector workers.

“Ministers need to get their act together quickly. It looks like we are at the start of another living standards crisis.”

ENDS

Notes to Editors:
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