Working families are being pushed to the brink by this cost of living crisis

• New Bank of England figures show consumer credit borrowing rose to the highest level in five years
• 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.”