The fall in unemployment is masking a rise in precarious working and stagnating wages which are leaving family finances on a knife edge, warned Britain’s largest union Unite today (Wednesday 11 June), as it responded to today’s Labour Market statistics.
Pointing to an eight per cent rise in self-employment over the year and a drop in wage growth to 0.7 per cent, the union urged the Bank of England to resist a rise in interest rates, warning it would push ordinary families struggling with a cost of living crisis into the financial abyss.
Commenting, Unite general secretary Len McCluskey said: “The continued fall in unemployment is welcome, but we should not be fooled by George Osborne’s spin that all is well with the economy.
“Precarious self-employment is soaring, while the continuing wage siege feeds a fall in living standards not seen since the Victorian era leaving the finances of ordinary families on a knife edge.
“Under this Tory-led government we have seen the rise of low paid insecure work and in work poverty, while the proceeds of growth are being funnelled into the pockets of wealthy.
“The 4.5million are now self-employed without rights, protections and pensions is a cause for worry, not for celebration. In David Cameron's Britain the mantra is work harder and get poorer.
“The Bank of England needs to resist raising interest rates and pushing ordinary families struggling to make ends meet further into the financial abyss.”
For further information please contact Unite head of media and campaigns Alex Flynn on 020 3371 2066 or 07967 665869.
Twitter: @unitetheunion Facebook: unitetheunion1
Notes to editors
• Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.