Rachel Reeves MP, Labour’s shadow work and pensions secretary, has responded to wages rising above the rate of inflation this morning’s by saying:
“At long last earnings are finally rising faster than CPI inflation when bonuses are included, but after four years when prices have risen faster than wages there is a huge amount of lost ground to catch up."
"Working people are now over £1600 a year worse off than when David Cameron came to office, most people are not feeling any recovery and the link between the wealth of the nation and family finances remains broken".
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Suddenly demanding £1.7 billion with a month to cough up is as good an opportunity to say 'Non, non, non!' as the PM could have wished for.
A slight slowdown in growth is pretty much as expected. There were signals from various surveys that the economy was slowing.