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UK FISCAL: Chancellor Confirms Minimum Wage Increase

UK FISCAL
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Chancellor of the Exchequer Rachel Reeves delivering Budget statement. 

  • On welfare spending Reeves claims that the implementation of the Work Capability Assessment, a crackdown on fraud (costing GBP4.3B a year), and a 'Get Britain Working' white paper to address inactivity. Claims that the measures, including beefing up HMRC compliance will raise GBP6.5B by end forecast.  
  • On minimum wage: "I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour… … worth up to £1,400 a year for a full-time worker." Reeves: "we will move towards a single adult rate… … phased in over time… … by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission… … taking it to £10 an hour."
  • On the state pension: "Our manifesto committed to the Triple Lock… … meaning spending on the State Pension is forecast to rise by over £31bn by 2029-30… … to ensure that our pensioners are protected in their retirement. This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%... … the basic and new State Pension… … will be uprated by 4.1% in 2025-26. This means that over 12 million pensioners will gain up to £470 next year… … up to £275 more than if uprated by inflation. The Pension Credit Standard Minimum Guarantee will also rise by 4.1%... … from around £11,400 per year to around £11,850 for a single pensioner."
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Chancellor of the Exchequer Rachel Reeves delivering Budget statement. 

  • On welfare spending Reeves claims that the implementation of the Work Capability Assessment, a crackdown on fraud (costing GBP4.3B a year), and a 'Get Britain Working' white paper to address inactivity. Claims that the measures, including beefing up HMRC compliance will raise GBP6.5B by end forecast.  
  • On minimum wage: "I can confirm that we will accept the Low Pay Commission recommendation to increase the National Living Wage by 6.7% to £12.21 an hour… … worth up to £1,400 a year for a full-time worker." Reeves: "we will move towards a single adult rate… … phased in over time… … by initially increasing the National Minimum Wage for 18-20 year olds by 16.3% as recommended by the Low Pay Commission… … taking it to £10 an hour."
  • On the state pension: "Our manifesto committed to the Triple Lock… … meaning spending on the State Pension is forecast to rise by over £31bn by 2029-30… … to ensure that our pensioners are protected in their retirement. This commitment means that while working age benefits will be uprated in line with CPI, at 1.7%... … the basic and new State Pension… … will be uprated by 4.1% in 2025-26. This means that over 12 million pensioners will gain up to £470 next year… … up to £275 more than if uprated by inflation. The Pension Credit Standard Minimum Guarantee will also rise by 4.1%... … from around £11,400 per year to around £11,850 for a single pensioner."