“If real wages keep losing value, families will spend less, business revenues will fall, and the recovery will be choked off.
“But there is a way out of the cost of living crisis. The Chancellor must fund real pay rises across the public sector and raise the minimum wage to £10. This will boost household spending, helping businesses recover and creating conditions for wage growth across the economy.
“And working people must get stronger pay bargaining rights, so that unions can win fair pay rises. That’s how we can finally end the longest pay squeeze in more than 200 years.”