Cost of Living Crisis Spiralling Out of Control


Categories: Economics, Inequality,

Stirling MP Calls for Urgent Action

The Tory-made cost of living crisis is “spiralling out of control” as new figures reveal wages have fallen in real terms at its sharpest rate in more than seven years. 

New figures from the Office for National Statistics (ONS) have revealed that average earnings, excluding bonuses, rose by only 3.8% in the three months to January despite inflation projected to rise beyond 8% in the autumn. This has resulted in wages falling by 1% in real terms – the steepest decline since July 2014.

Stirling MP Alyn Smith has joined with parliamentary colleagues to call for an emergency package of support for households and businesses in next week’s Spring statement by UK Chancellor Rishi Sunak.

Alyn Smith MP said:

‘The cost of living crisis is spiralling out of control, made worse by poor macroeconomic management from the Tories – and only the UK Government have the powers required to fix it. The latest ONS statistics are stark – wages are failing to keep pace with inflation, leaving millions of families worse off each year to the tune of thousands of pounds.

‘No more delays; the UK Chancellor must use his Statement next week to deliver an emergency package of measures, including changing the £200 energy loan into a grant, reversing the cruel cut to Universal Credit, delivering a Real Living Wage, and matching the Scottish Government’s game-changing Scottish Child Payment UK-wide.

‘He must meet the moment, or condemn millions more people across these islands to further poverty. However, there can be no doubt that for as long as Scotland remains under Westminster control, we will never be able to fully recover. The only way to keep Scotland safe from more callous Tory cuts is to become an independent nation, with the full powers needed to build a strong, prosperous, and greener society.’

Notes for Editors:

Cost of living: Biggest real terms fall in wages since 2014 as inflation bites

Cost of living for UK’s poorest could be 10% higher by autumn, thinktank warns