Rachel Reeves is set to reveal a rise in the minimum wage in a further blow to businesses, reports have claimed. The Chancellor will reportedly announce a “significant” rise in a “new living wage” at the Budget on Wednesday.
Government sources have suggested the level of the living wage will be higher than previously projected, according to MailOnline.
This is because the Low Pay Commission now takes more account of the cost of living and expectations around inflation after the Chancellor granted the body a new remit in the summer.
The Low Pay Commission’s main estimate for the national living wage from April 2025 is £12.10, an increase of 5.8%, with a lower-range projection of £11.82 and an upper range of £12.39.
This is up on the commission’s previous estimate of £11.89 in March this year. These figures may have risen further still because growth in earningsthis year has been stronger than previously …
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