Figures released today have highlighted that prices are continuing to rise faster than wages, prices were 2.8% thorough July, while wage rises are just 1%, showing that the cost of living crisis continues.
Cathy Jamieson MP, Labour’s Shadow Economic Secretary to the Treasury, said:
“Today’s figures confirm that prices continue to rise faster than wages as the Tory-led Government’s cost of living crisis continues.”
“And the Government is making things worse not better for families. Alongside declining real wages, tax rises and cuts to tax credits are hitting those on middle and low incomes while millionaires have been given a huge tax cut.”
Andrew Gwynne MP said:
“David Cameron and George Osborne’s economic policies have badly failed over the last three years and working people are paying a heavy price.”
“We urgently need action to help middle and low income families right now, which is why Labour is calling for a lower 10p starting rate of tax, action to tackle soaring energy bills and action to protect tax credits for working families by reversing the tax cut for millionaires.”