Commenting on today’s (Thursday) decision by the Bank of England’s Monetary Policy Committee to cut the base rate of interest, TUC General Secretary Paul Nowak said:

“This rate cut will give relief to millions of families and businesses – and needs to be the first of many.

“Working people didn’t cause the huge spike in inflation. But they have paid the price for the Conservatives’ economic failures with sky-high bills and mortgage payments.

“Labour’s plans to invest in industry and deliver a new deal for workers can help create a new period of economic stability, with prices kept under control and living standards recovering.”