Bank of England should cut rates to boost consumer spending, says TUC

GDP expanded by just 0.1% in the final quarter of last year. Photograph: Kin Cheung/AP

The Trades Union Congress is urging the Bank of England to cut interest rates and rekindle economic growth, pointing to analysis showing that cash-strapped consumers are lagging their international peers.

The Bank’s monetary policy committee voted 5-4 to leave borrowing costs unchanged this month, after six cuts since mid-2024.