Home Business News Autumn Budget: Government are to raise the National living wage to £9.50

Autumn Budget: Government are to raise the National living wage to £9.50

by LLB Finance Reporter
25th Oct 21 2:55 pm

The government are to raise the national living wage to £9.50 an hour which will be part of the Autumn Budget on Wednesday.

All those aged 23 and over will receive what will mark a 6.6% rise which is the third largest rise since the financial crisis in 2008 and will come into force in April 2022.

However with the threat of inflation rising to 5% early next year, rising tax, rising prices of food, fuel and energy many workers will not feel the pay rise.

Rishi Sunak is also pushing for higher taxes to try and stabilise the books following mass borrowing to help with the Covid crisis.

Labour are pushing for a £10 an hour rise in the national minimum wage and last month during the Labour conference they backed a new rate of £15.

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