New poll exposes broken economy as debt emergency grows

• 54% already say they can’t or will have difficulty paying their household bills this year
• Almost a third have already gone into debt or increased levels of debt to put food on the table.

Unite, Britain’s leading union, is warning that a hike in interest rates will plunge more workers into debt and financial hardship amid an epidemic of corporate profiteering.

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.”

A Survation poll for Unite of 6000 adults has revealed that more than half (54%) say they can’t or will have difficulty paying their household bills this year.

Almost a third (27%) have already gone into debt or increased the levels of their debt just to put food on the table. Shockingly, the new poll reveals 14% of adults are facing food poverty. This is a drastic rise from 8% in 2020 according to Government figures.

Meanwhile the Bank of England refuses to acknowledge that record-breaking excessive profits have to be tackled to address inflation.

The Survation poll also revealed that an astonishing 70% have experienced a real terms pay cut. But according to Unite’s own research, profits in Britain’s top companies are up by 47 per cent.

Sharon Graham said:

“It is corporate greed which is driving inflation and supercharging the cost of living crisis, not workers’ wages. The political conspiracy of silence as they line workers and communities up for Austerity 2.0. must not go unchallenged.

In 2022 an epidemic of profiteering is, quite literally, stealing the food from our tables. It remains remarkable that, in the teeth of all the evidence, the Bank of England is refusing to acknowledge that profits have to be tackled to address inflation.”

Striking workers employed by Stagecoach in Hull will stage a rally to highlight the oncoming financial catastrophe facing workers. Unite activists will unfurl a giant banner reading, “Cost of Greed”. Stagecoach exemplifies rampant profiteering. The company earned profits of £72 million last year, while the owner Deutsche Bank brought in profits of £3 billion. Meanwhile workers in Hull have been on all out strike against a below inflation pay offer.

From workplace to community Unite is driving a UK-wide strategy to help bring change to ‘heartland’ communities following the failure of politicians to act. ‘Unite for a Workers’ Economy’ has begun with a major national campaign across key battle-ground seats up and down the UK, including Glasgow, Grimsby, Hull, Leigh, Barrow, Workington, Morecombe, Derby and Crawley.