“Cost of loving crisis” looms for couples this Valentine’s Day, TUC warns

Britain’s continued living standards crisis is reflected in the increased cost of Valentine’s Day staples like meals out, take aways and chocolate, according to new analysis published by the TUC today (Friday).  

While headline inflation is now widely understood to be on a downward trend, the cost of some of the nation’s favourite Valentine’s Day items has shot up far more than wages, with the TUC warning of a “cost of loving crisis”.   

This comes amid a wider cost of living crisis – with households up and down the country still struggling after decade and a half of pay stagnation under the Conservatives. 

The TUC says consumer spending is low because people’s wages don’t go far enough, despite some recent real pay growth – and adds that a lack of consumer spending is holding back economic growth.  

Valentine’s staples 

The TUC analysis shows that the cost of traditional Valentine’s gifts and activities, such as chocolate, jewellery, meals out and take-aways have all risen faster than wages – which grew by 4.5% in the last year.  

In particular, over the last year:  

In contrast, the TUC analysis shows that the cost of flowers has risen only by 0.8% - making this timeless classic one of the most affordable Valentine’s gifts.  

Recent polling from the union body and Survation laid bare the scale of Britain’s affordability crisis:  

With households up and down the country are struggling to get by and pay for the bare essentials, the TUC says the “occasional treat” such as meals out for Valentine’s day have become “increasingly out of reach”. 

Make work pay 

The TUC says that the Government must relentlessly focus on the affordability crisis.  

Delivering the Make Work Pay agenda in full will be essential to tackling this economic insecurity – ensuring people have enough money in their pockets. 

The union body warns that the economy is being held back by restrictively high interest rates. 

Last year, the Bank was “overly cautious and too slow to act” while the cost-of-living crisis continued to hammer households and firms.  

The TUC is urging the Bank to deliver a sequence of quick fire rate cuts to ease the pressure on households and firms and get them spending.  

TUC General Secretary Paul Nowak said:  

“Households up and down the country are still being hammered by the living standards crisis.  

“With many people struggling to pay the bills, the occasional treat such as a Valentine’s meal have become increasingly out of reach. 

“People aren’t spending because they don’t have enough disposable income – and that lack of spending is holding back economic growth. They need more money in their pockets. 

“The Bank of England needs to deliver a sequence of quick-fire rate cuts to ease the pressure on households.  

“Meanwhile, the Government must relentlessly focus on tackling the affordability crisis – starting with delivering the Make Work Pay agenda in full.”