Unite comment on latest inflation figures
Unite general secretary Len McCluskey has commented on the latest inflation figures released today.
Inflation has held this month but there is no getting away from the fact that household incomes are taking a continued pounding. Today's huge leap in rail travel costs will put tremendous strain on workers, millions of whom have suffered a year on year fall in the real value of their wages.
Although inflation has remained stable it is still far outstripping increases in wages, meaning that workers are getting poorer. The problem is more acute than the official figures as the real cost of living is shown in the RPI figure which is significantly higher than the official CPI level, the measurement used for wages.
The UK now has horrific levels of personal debt as people borrow to get by. This is a sure sign that all is not well in our economy.
The ability to change this rests firmly with the government and chiefly the chancellor. He has access to the gears that can make the economy purr or park. So far he has only pulled the austerity brake. He has to do something other than cut as it is clear that this approach is making our economy unwell and our people poorer.
