Responding to the European Central Bank's decision to keep interest rates at record levels, European Trade Union Confederation General Secretary Esther Lynch said:
“Record interest rates are piling unnecessary financial pressure on working people and risk pushing the economy into a job-destroying recession.”
“That is a high price to pay for a policy which economists have said is not actually bringing down inflation.
“Indeed, the ECB’s own research shows inflation has been driven primarily by corporate profits, particularly in the energy sector, rather than consumer spending.
“The ECB needs to urgently bring down interest rates to limit the damage of its misguided policy and national governments should impose windfall taxes on the excess profits made by banks as a result of it.”
