INFLATION: workers’ living standards must remain top priority
CPI rises to 3.8 per cent in July
On the year, food and non-alcoholic beverages inflation rose 4.9 per cent, water by 26.4 per cent, electricity by 8 per cent and gas by 13 per cent
TUC General Secretary Paul Nowak says Bank of England “must go further” with more rate cuts to get economy moving
Commenting on the latest inflation figures, TUC General Secretary Paul Nowak said:
“Global uncertainty and rising utility prices mean workers are still feeling the pain of higher prices. Many are struggling to keep their heads above water.
“While interest rate cuts this year have been welcome, workers still do not have enough money in their pockets and consumer spending is near stagnant.
“Workers’ living standards must remain top priority. The Bank of England needs to go further with more rate cuts to get the economy moving. As well as easing pressures on households and businesses, rate cuts will mean more spending in the shops, a boost for businesses, and higher economic growth.
“And the government is right to press ahead with its plans to ban zero hours contracts and boost the minimum wage. Workers need the Employment Rights Bill delivered in full.”
- RPI rose by 4.8%
- About the TUC: The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together the 5.5 million working people who make up our 48 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.
Contacts:
TUC press office
media@tuc.org.uk
020 7467 1248
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