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Spreading wealth more broadly vital to our economic future, says TUC

Responding to a report published today (Monday) by the High Pay Centre, which shows how modest wage re-distribution could improve living standards for millions of low-paid workers, TUC General Secretary Frances O'Grady said:

'Rising pay inequality was a major cause of the financial crash. Faced with flat wages, many people borrowed to maintain their living standards whilst the very wealthy put their cash into ever more risky investments to squeeze out returns.

'Unless wealth is spread more broadly we will be unable to build a sustainable recovery, as consumer spending will continue to flat-line.

'Moving more people on to the living wage would help inject much-needed demand back into our economy but this will require large companies, who are sitting on over £700bn in cash reserves, to put their hands into their pockets.

'Greater collective bargaining for employees would help give companies a nudge.'

NOTES TO EDITORS:

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

- Follow the TUC on Twitter: @tucnews

Contacts:

Media enquiries:

Liz Chinchen T: 020 7467 1248 M: 07778 158175 E:
media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk

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