TUC – Britain’s “cost of living nightmare” is far from over

Commenting on today’s inflation figures, which show headline CPI inflation falling to 3.4 per cent, TUC General Secretary Paul Nowak said:

“This will provide scant relief for hard-pressed families. Prices are still going up – just a little more slowly.

“Britain’s cost of living nightmare is far from over. Real wages are still worth less than in 2008 and household debt is soaring.

“The Conservatives have presided over the worst period of economic stagnation for generations and working people have paid the price.

“We need a proper plan for boosting living standards – not just gimmicks. That means urgent action to reduce insecurity at work and an industrial strategy worth its name.

“And with millions still suffering mortgage misery, and businesses and households struggling with payments on loans, the Bank of England must now start to bring down interest rates.”

Household unsecured debt is expected to rise by £1,600 per household this year according to the OBR.