Rise in interest rates 'another blow' to hard working officers
The new chair of the Police Federation of England and Wales (PFEW) has called for officers to get “the recognition and remuneration they deserve” after interest rates rose by a quarter of a per cent.
The Bank of England voted unanimously to raise the interest rate from 0.5 per cent to 0.75 per cent on Friday (August 3) in a move that could see an average mortgage of £150,000 increase by £19 a month.
PFEW chair John Apter raised concerns that officers with mortgages will be most affected by the rise as the most recent pay rise saw them receive just £10 more per month.
Overall, officer pay has now decreased in real terms by around 18 per cent since 2009/10.
However, a rise in interest rates will be welcomed most by staff who have savings.
“Coming off the back of the derisory real-term 0.85 per cent pay award announced last month this is more bad news – hitting officers where it hurts – right in the wallet,” said Mr Apter.
He added: “It is shameful that those whose job requires them to put their lives on the line to protect the public should have to worry about being able to pay the bills and put food on the table at home.
“It is time police officers are given the recognition and remuneration they deserve.”