Following the Bank of England’s latest quarterly inflation report, the TUC has said the economy is suffering a much longer slump rather than a blip.
TUC General Secretary, Brendan Barber, said: ‘We all know the economy is currently stuck in a rut but it’s now looking less like a blip and more like a much longer slump.
‘The UK’s dire economic performance is causing permanent damage and putting thousands of jobs on the line. It is not good enough for the Chancellor to stand by and rely on the Bank’s monetary policy measures to get us out of this mess.
‘With all the main forecasts now pointing towards a lost decade, it’s time for the government to call time on self-defeating austerity and start looking at ways to stimulate the economy.’