TUC – working families have been left “exposed” to soaring bills and prices

Commenting on figures published by the ONS today (Wednesday), which show that 3 in 10 (29%) families could not cope with an unexpected but necessary expense of £850 or more, TUC General Secretary Frances O’Grady said:

“Working families deserve financial security.

“But years of weak wage growth, and cuts to in-work benefits, have left millions exposed to soaring bills and prices.

“With energy bills set to shoot up by £700 next month, and by hundreds more in the autumn, many households face being pushed into the red.

“Ministers must do far more to help people get through this cost-of-living crisis. The support announced so far by the Chancellor has been little more than thin gruel.”

The TUC estimates that energy bills will rise least 14 times faster than wages.

Figures published by the Bank of England showed credit card borrowing jumped by £1.5bn in February to £59.5bn – the highest since records began in 1993.