Govt raises minimum wage by 3%

clock

The national minimum wage will increase by 3%, the government has announced ahead of the General Election in May.

It will go up by 20p an hour to £6.70 from October, the BBC reports. The changes will benefit more than 1.4 million workers. For younger workers the hourly rate will also rise, and for apprentices it will go up by 20% - or 57p - to £3.30 an hour. The rates were recommended by the Low Pay Commission but the government has gone further than the 7p an hour increase suggested for apprentices. Prime Minister David Cameron said the across-the-board increases would offer "more financial security" to workers, and "a better future" for Britain. Labour said the minimum wage had been "e...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Five years on from Covid: What's next for markets?

Five years on from Covid: What's next for markets?

It is now five years since the start of the UK’s Covid lockdown. Since then, we have seen considerable market and geopolitical-related change. Here, William Marshall looks back over the past five years and also explores what we might expect from markets...

William Marshall
clock 06 May 2025 • 4 min read
Gilt yields fall after Donald Trump backs down in 'tariff war'

Gilt yields fall after Donald Trump backs down in 'tariff war'

US president pauses most additional tariffs

Jonathan Stapleton
clock 10 April 2025 • 2 min read
Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read