The Bank of England is being urged not to raise interest rates in order to help families already being “crushed” by the cost of living.
Economists are forecasting that the Monetary Policy Committee will increase its rate – which influences what lenders do – from 0.5% to 0.75%.
The Bank wants to cool soaring inflation and Governor Andrew Bailey recently appealed to workers not to ask for big pay rises.
But the GMB union yesterday called on rate-setters to hold fire.
General Secretary Gary Smith said: “If Andrew Bailey can tell people who carried this country through the pandemic they don’t deserve a pay rise, surely he can encourage the bank to keep interest rates as they are.
“People are stuck between a rock and hard place, a crushing cost-of-living crisis, energy prices rocketing and a national insurance rise.
“The Bank of England can today do something tangible to help them.”
It comes after research revealed almost two-thirds of people worry about rising living costs.
Lloyds Bank found spending on fuel rose by 16% in three months.
