Personal Finance. Money. Investing.

Starmer Urges Government To Act On Spiralling Cost Of Living

Amid the spiralling cost of living, Labour leader Sir Keir Starmer has said it is reasonable for employees to request higher wages from their bosses and has urged the Government to take action.

Posted: 16th February 2022 by
Finance Monthly
Share this article

The Office for National Statistics (ONS) announced Consumer Prices Index (CPI) inflation hit 5.5% in January, with wage growth lagging significantly behind. 

In comments largely interpreted as a rebuke to Bank of England Governor Andrew Bailey, the Labour leader said it is “very difficult” to tell people they are not entitled to request pay increases from their bosses. 

Earlier this month, Bailey suggested that workers should not ask for significant pay rises in order to avoid fuelling the rise in inflation. 

Starmer has called on the Conservative government to take action to ease the strain on household finances, including scrapping the national insurance tax increase planned for April which coincides with the energy price cap increase

The Government is forever saying these are forces beyond its control, that it can’t do anything because this is all global,” said Starmer. “Actually, those tax increases are the Government’s own deliberate policy and half their own side don’t think they’re right.”

Labour is also calling for a windfall tax on oil and gas companies that have benefitted from rocketing global prices in order to help reduce consumers’ energy bills.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free monthly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every month.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram