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GMB Issues Warning over Interest Rate Rise Amidst Pay Squeeze

Thursday, November 2, 2017

Interest rate rise without a real pay rise will increase hardship and worry.

GMB, Britain’s general union, has warned an interest rate rise without a real pay will increase hardship and worry for workers.

The warning comes in response to a decision by the Bank of England to raise interest rates for the first time in a decade.

The official bank rate has been lifted from 0.25% to 0.5%, the first increase since July 2007.

Tim Roache, GMB General Secretary said:

“An interest rate rise without a real pay rise is in reality an increase in hardship and worry.

"The rising interest rates will increase the costs for many working people, while pay is being squeezed and the economy is uncertain.

“People are already struggling to make their wages last until pay day and we're already hearing about teaching assistants being forced to use food banks. .

“The Government must now use its Budget to with the cost of living and starting with increasing people's wages.

"The unjustifiable, cruel cap on public sector pay that has seen thousands pinched from front line workers over the last seven years must end.”

ENDS

Contact: GMB press office on 07958 156846 or at press.office@gmb.org.uk

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