John
McDonnell MP, Labour’s Shadow Chancellor, responding to the decision today
by the Bank of England to raise interest rates to 0.5%, said:
“Today’s
decision by the Bank of England reflects the deep pessimism of many economists
about the underlying state of the British economy after seven years of Tory
policies, with productivity forecasts also likely to be downgraded by the
Office for Budget Responsibility later this month.
“The
Tories’ failure means real wages are lower today than in 2010 and still
falling. The government must bring forward the investment needed to
secure well-paid jobs, and follow Labour’s call for a £10/hour Real Living Wage
to end poverty pay.”
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