Responding to the ECB’s decision to cut interest rates from record levels, ETUC General Secretary Esther Lynch said:
“Today’s decision is long overdue against a background of inflation which has been driven by the record profits of the biggest corporations - not by working people experiencing a historic cut in their living standards.
“Record interest rates have put further pressure on the incomes of working people, many of whom are increasingly dependent on borrowing to purchase everyday items. These rates have put jobs at risk by taking us to the brink of a recession.
“It is positive that the ECB are finally bringing their decisions into line with its own data showing there has not been a wage-price spiral.
“But while today’s decision is a step in the right direction, the ECB now has a responsibility to keep cutting rates quickly in order to relieve the pressure they’ve put on working people and unblock investment in the economy."
