A hike in UK interest rates today will plunge more workers into debt and financial hardship, the Unite union has warned.
A survey of 6,000 adults for Unite found that just over half said they cannot or will have difficulty paying their household bills this year.
Almost a third said they have already gone into debt or increased the levels of their debt just to put food on the table, with 14% saying they face food poverty.
Unite general secretary Sharon Graham said:
“Unite’s research shows that many workers face unsurmountable financial pressure.
An interest rate hike will shackle those workers with more debt while corporate profiteering runs rampant.”
The poll also found that 70% of workers have experienced a real-terms pay cut this year, with wage rises failing to keep up with inflation.