Scottish Trades Union Congress (STUC) Assistant Secretary Stephen Boyd said:
"Today’s letter from the Governor of the Bank of England to the Chancellor confirms that rising inflation is attributable to high energy, food and import prices.
“Inflation is not attributable to the wages of ordinary workers. The low paid in particular are disproportionately affected by rising food and fuel costs and an RPI of 4.7% will only increase the determination of public sector workers to secure fair pay settlements.
“With oil prices continuing their rapid fall, the Monetary Policy Committee must now move to cut rates in October. Cheaper borrowing will not cure all the ills currently afflicting the British economy but it will serve to cushion the fall”.
ENDS
For further information contact
Stephen Boyd T0141 337 8100