Jeremy Hunt has announced an increase in the national living wage as part of the UK Government’s long-awaited Autumn Statement.
The Chancellor has unveiled a series of new financial policies today as part of the Autumn Statement amid spiraling inflation and a cost of living crisis.
Chancellor Hunt and Prime Minister Rishi Sunak have accepted an official recommendation to increase the national living wage from £9.50 to £10.42 an hour.
The minimum wage rates are recommended by the Low Pay commission annually, having been first introduced in 1998.
Hunt also announced that benefits and pensions will be increased in line with inflation and cost of living payments for households on means-tested benefits such as universal credit.
The 10.1% increase in the national living wage for over-23s will come into force in April 2023.
As part of the Autumn Statement the Chancellor also reaffirmed a commitment to HS2 and Northern Powerhouse rail and an increase in the NHS and schools’ budgets.
The threshold for paying the top rate of tax will also be brought down from £150,000 to £125,140, Hunt announced.
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