GDP: Lack of action to get pay rising will leave UK on slippery slope to recession, says TUC

Wednesday 13 Jul 2022 @ 12:25
WiredGov Newswire (news from other organisations)

TUC General Secretary Frances O’Grady commented on today’s GDP figures, which show that the economy grew by just 0.4% across the 3 months from March to May 2022

“With growth still slow, the government must not allow the cost of living crisis to become a slippery slope towards recession.

"An economy can only grow if people keep spending. But with prices surging, spending is falling fast, and Conservative ministers are attacking workers who ask for a decent pay rise.

“Inflation is already at 9 percent and rising. Working people need a genuine cost of living increase to keep up. The next Prime Minister must put real wage growth ahead of tax cuts for the wealthy.”

GDP monthly estimate, UK : May 2022

Original article link: https://www.tuc.org.uk/news/gdp-lack-action-get-pay-rising-will-leave-uk-slippery-slope-recession-says-tuc

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