Interest rate rise will make a bad situation worse

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Issue date

11 May 2023

Commenting on today’s decision by the Bank of England to raise the base rate by 0.25 percentage points, TUC General Secretary Paul Nowak said:

“With the UK economy flatlining, and the value of everyone’s pay plummeting, another rate rise will make a bad situation worse.

“The priority should be protecting living standards and boosting the economy to safeguard people’s jobs.

“The best way to do this is by giving working people decent pay rises that keep up with the cost of living.”

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