TUC warns higher interest rates will exacerbate “Trump slump”

Commenting on the latest figures showing March CPI inflation rising to 3.3% from 3.0%, TUC General Secretary Paul Nowak said:  

“Households are feeling the pain from Trump's illegal war. Big rises in petrol prices are pushing up inflation and shockwaves from the war are putting recent improvements in growth under threat.  

“But the Bank must remain focused on cutting rates as soon as possible. Coupled with Trumpflation, higher interest rates would increase the pressure on already stretched families and businesses. But lowering rates would provide vital support for economic growth, which is an important part of the Bank’s remit too.

“And ministers must go further to shield households and businesses. The last Budget saw welcome action on energy prices, rail fares and prescriptions.  

“But more support for industrial energy prices is needed. We need to see a targeted emergency package in key foundation industries in sectors including chemicals, glass and ceramics to protect jobs.”