Chancellor must respond to interest rate increase with action to get wages rising - TUC

Commenting on today’s decision by the Bank of England Monetary Policy Committee to raise the Bank Rate by 0.5 percentage points, TUC head of economics Kate Bell said:

“The rate rise will increase the pressure on families. The government must respond in the mini budget with action to get pay rising faster and to protect jobs from a recession that we may already be in.

“The Chancellor can’t do that with bungs to bankers and big business. He must get pay growing by increasing the minimum wage and giving public service staff a proper pay rise that keeps up with prices. And ministers should give all working people the rights they need to bargain for higher pay across the economy.”