Low inflation means Bank must keep moving on interest rate cuts, says TUC

“While there’s been a small rise in the headline inflation figure this month, this is a result of changes in the energy price cap – wider measures of inflation show producer prices falling and below target.  

“But the high and rapidly rising inflation rates of recent years now appear to be behind us, and it is welcome that interest rate cuts are underway.  

“Of course, prices are still far higher than they used to be and pressure on household budgets remains immense.  

“The Budget showed that the government is ready to take strong action to fix the broken economy they inherited from the Tories.

“Increased public investment is a vital first step to securing the stronger growth, higher wages and decent services that the country desperately needs.

“And the Bank of England must keep moving with interest rate cuts to support the economy and protect working families.”