Britain needs higher wages, not higher interest rates, says TUC

Commenting on the publication today (Thursday) of the Bank of England Monetary Policy Committee’s latest quarterly inflation report, which leaves interest rates unchanged but suggests future rises are likely, TUC General Secretary Frances O’Grady said:

“With real wages falling, it’s good news that working people are not being hit with higher costs for mortgages and loans.

“The Bank should not think about hiking interest rates until a strong wages recovery is well under way. And it’s up to the government to make sure that happens.

“Public sector workers must get a proper pay rise. The minimum wage should be put up to £10 as quickly as possible. And we need higher public investment to strengthen growth and create better quality jobs.”