Inflation fall shows Bank was right to hold off interest rate rise, says TUC

Commenting on today’s (Wednesday) inflation figures from the Office for National Statistics, which show CPI inflation down to 2.4%, TUC General Secretary Frances O’Grady said:

“Today’s figure confirms the Bank of England was right not to raise interest rates. With the worst pay squeeze for two centuries, what people really need is higher wages not higher interest rates.

“The government needs to step up and get our ailing economy back on its feet. Ministers should set up a National Investment Bank, upgrade roads and rail, and bring high-speed broadband and clean energy to every part of Britain.

“We also need an end to public service cuts. Eight years of cuts have not just hurt our schools and hospitals – they’ve held back economic growth. It’s time to give public services and hard-working public servants a funding boost.”