TUC rejects Bank of England Governor’s call for pay restraint

Responding to the Governor of the Bank of England Andrew Bailey’s renewed call for pay restraint today (Thursday), TUC General Secretary Paul Nowak said:

“Andrew Bailey is wrong to call for workers to take yet another wage hit.

“At a time when BP and Shell are posting record profits, executive pay is soaring and bankers’ bonuses are booming, we need restraint on corporate profiteering – not paramedics’ and teachers’ pay.

“The last thing working people need right now – in the middle of the worst living standards crisis in generations – is to have their pay held down.

“Let’s be crystal clear. Global energy prices have driven up inflation – not wage demands.

“Holding down pay will suck demand out of our economy and cause widespread hardship. And it will deepen the recruitment and retention crisis in our public services.”

TUC analysis published this month shows that public sector pay is worth £203 a month less in real terms compared to 2010.

TUC polling shows that 1 in 3 public sector workers are actively considering quitting their professions.