There has been a revision down to 0.2% for GDP growth in the first quarter of 2017, which the Office for National Statistics says reflects household spending slowing down.
The TUC are saying: “The next government will inherit an economy that needs serious attention. An urgent priority must be to reverse the current fall in living standards. The minimum wage must go up faster, and the pay restrictions on public servants like nurses, firefighters and midwives must be ended.
“It is also vital for Britain to increase investment in communities where good jobs are in short supply. More investment is needed in skills, transport links, broadband, decent homes and high quality public services.”
The TUC has published analysis showing that unsecured debt per UK household will reach a record high this year of £13,900. This exceeds the pre-crisis peak of £13,300 in 2007.
A repot last year said:
- 3.2 million households are in ‘problem debt’ – defined as paying out more than 25% of their gross household income on unsecured debt repayments (3.2m is equivalent to 1 in 8 households.)
- 1.6 million households are in ‘extreme problem debt’ – defined as paying out more than 40% of their gross household income on unsecured debt repayments (1.6m is equivalent to 1 in 16 households.)
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