Commenting on today’s (17 Mar) decision by the Bank of England to raise interest rates to 0.75%,

TUC’s Head of Economics Kate Bell said:   

“In the midst of a cost-of-living crisis, this is the last thing hard-pressed families need. Real wages are falling at the steepest rate in eight years. Working people don’t need to be told to hold back their pay.    

“The Bank of England has made the wrong call – but the government must not hide behind it.  

“The chancellor needs to set out a plan to get wages rising in the spring statement – and to help families with soaring energy bills.” 

Worst fall in real pay for 8 years, says TUC

15th Mar 2022: Commenting on the latest employment figures published by the ONS on Tuesday, which show that real wages fell by 1.5% (using CPI) over the year,

TUC General Secretary Frances O’Grady said: 

“Working people deserve financial security and a wage they can live on.

“But instead, they are facing the steepest decline in real pay for eight years, and a cost of living crisis that will get worse if the government doesn’t act now.

“Energy bills will rise at least 14 times faster than wages this year. Household budgets are already stretched to the brink and can’t take any more.

“The government must use the spring statement to act.

“We need a plan to get wages rising in all jobs, a boost to Universal Credit, and a windfall tax on oil and gas profits – with the money raised going to energy grants for hard-pressed families.”