Government must “use every lever” to shield households and firms from global shocks, says TUC

Responding to today’s Spring Statement, TUC General Secretary Paul Nowak said:  

“Britain's cost of living crisis has kept working people stuck for too long – it’s right that the government continues to do all it can to raise family incomes and support businesses to invest. 

“The government is on the right track to rebuild Britain with action to bring down bills, continued investment in our public services, a closer relationship with the EU and an industrial strategy with good jobs at its heart. 

“They haven’t got every call right, but ministers have built a solid foundation to deliver sustained economic growth." 

On current international events, Paul added: 

“Volatile international events now pose a very real new threat to future living standards. 

“The government must stand ready to pull every lever to shield households and firms from further global shocks.  

“It’s welcome that household bills will shortly fall and are protected until the summer, but ministers must plan to step in after if needed.  

“They must also press the accelerator on support for British businesses already struggling with sky high energy bills. 

“And we must forge a long-term path to energy independence by continuing to invest in clean power.” 

On the role of the OBR, Paul said: 

“The government was right to limit the rollercoaster of speculation by moving to one fiscal event per year. But reform of the austerity-era watchdog must go further.  

“A clear framework for fiscal policy is necessary – but it is time the rein in the outsized power the unaccountable OBR has across government policy.  

“That means an urgent review of the OBR to ensure it is fit for purpose in the modern economy.”  

Ends