The Trades Union Congress (TUC) is urging the Bank of England to reduce interest rates to stimulate economic growth. TUC General Secretary Paul Nowak said: “The Bank of England has a crucial role to play here. Last year they were overly cautious and too slow to act. They should go for growth with a sequence of quick-fire cuts this year.” He stressed that lower rates would benefit households and businesses. The Guardian notes that recent data shows UK consumer demand has lagged behind 32 of 37 OECD countries, contributing to stagnant economic growth. The Bank’s monetary policy committee recently voted 5-4 to maintain rates, but a cut is anticipated in March.
