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New Bank of England figures show consumer credit
borrowing rose to the highest level in five years
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TUC accuses Conservative government of "flirting with a
recession"
Commenting on Bank of England figures
showing net consumer credit rose by £1.7 billion in June, the
highest since 2018, TUC general secretary Paul
Nowak said:
"Working families are being pushed to the brink by this
cost-of-living crisis.
"No one should have to rely on loans and credit cards to pay for
everyday essentials, but consumer credit borrowing has surged.
"Fifteen long years of wage stagnation have left millions
brutally exposed to the cost-of-living crisis.
“While the Conservative government watches from the side lines,
low-income families are running out of food.
“Ministers must do more to protect those most in need.
"Working people desperately need a credible plan for boosting
growth and creating decent, well-paid jobs across the country."
On the prospect of another interest rate hike this week,
Paul added:
"The Conservative government is flirting with a recession.
"Instead of delivering a real plan to get us out of this living
standards nightmare, ministers are hiding behind the Bank of
England.
“Another interest rate hike will only heap more misery on
households and businesses – and put many thousands more jobs and
livelihoods at risk."
