TUC sounds alarm as household savings fall to lowest level since records began

30 Jun 2017 11:01 AM

TUC General Secretary Frances O’Grady commented on today’s GDP figures, which show that household savings are at their lowest levels since record began, 

“These figures make for grim reading. People raiding their piggy banks is bad news for working people and the economy.

“But with wages falling as living costs rise, many families are having to run down their savings or rely on credit cards and loans to get through the month.

“With household debt now at crisis levels, we urgently need to create better paid jobs. And the government must do its part by lifting the unfair pay restrictions on public sector workers.

“Ministers need to get their act together quickly. It looks like we are at the start of another living standards crisis.”

Related information is available at:  https://www.ons.gov.uk/economy/grossdomesticproductgdp

Notes to Editors:

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Michael Pidgeon  T: 020 7467 1372  M: 07717 531150  E: mpidgeon@tuc.org.uk