TUC urges Chancellor to use Autumn Budget to 'end wage squeeze'
The Trades Union Congress (TUC) has urged Chancellor Philip Hammond to use next week’s Autumn Budget to put an end to the ‘wage squeeze’ currently plaguing UK workers.
Official figures recently published by the Office for National Statistics (ONS) revealed that inflation ‘remained steady’ in October at 3%, with higher food prices being offset by lower fuel costs.
Meanwhile, wage growth figures outlined that workers’ earnings, excluding bonuses, fell by 0.5% in real terms, when taking inflation into account. This represents seven months of negative pay growth.
Commenting on the new inflation and wage growth figures, the TUC called for Mr Hammond to ensure that UK workers are given a pay rise in the Autumn Budget.
Frances O’Grady, General Secretary of the TUC, said: ‘This is the seventh month in a row that prices have risen faster than wages. But ministers are still standing on the side-lines.
‘Running the economy is not a spectator sport – the Chancellor must have a game plan to give Britain a pay rise in next week’s Budget.’
The TUC also called for the National Minimum Wage (NMW) to be raised to £10 per hour ‘as soon as possible’.