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Interest rate cut and budget action needed to deliver growth, says TUC
Commenting on the inflation figures, which show CPI inflation at 1.7 %, TUC General Secretary Paul Nowak yesterday said:
“Working people will breathe a sigh of relief that the high inflation rates of recent years now appear to be behind us. But rising living standards rely on stronger growth.
“The last 14 years of Tory chaos and confusion have played havoc with our economy – and workers have paid the price.
“Households are still hurting, and families need a fresh start.
“With CPI now below target and GDP growth at just 1% for the last 12 months, this month’s budget is an urgently needed opportunity to unleash a new era of growth to help us repair and rebuild our economy and our country.
“The time is also right for the Bank of England to make another rate cut. Compared to other central banks, they are now off the pace on cutting interest rates.”
Editors note
- RPI inflation: RPI inflation fell to 2.7% from 3.5%.
