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Inflation fall shows economic need for real wage rises, says TUC

Commenting on the latest inflation figures published yesterday (Tuesday), which show a larger than predicted fall to 1.2 per cent while wage rises are running at just 0.6 per cent, TUC General Secretary Frances O’Grady said:

“Seven years of falling real wages has left demand weak and the economic recovery looking increasingly fragile. New concerns about deflation are emerging.

“Today’s figures should put an end to speculation about early interest rate rises – it’s wage rises that the economy desperately needs.

“As Bank of England Governor Mark Carney told the TUC last month, British workers have faced pay cuts deeper than at any time since the 1920s. Today’s figures show the economic costs of shutting working people out of the recovery.”

NOTES TO EDITORS:

- All TUC press releases can be found at www.tuc.org.uk

- Follow the TUC on Twitter: @tucnews

- On Saturday 18 October the TUC is organising Britain Needs a Pay Rise – a national march and rally in London to call for an economic recovery that delivers for everyone, and for fair wages to help end the living standards squeeze. For more information on the campaign go to www.tuc.org.uk/economic-issues/britain-needs-pay-rise

 

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