Chancellor Rachel Reeves promises to 'fix the foundations and deliver change' ahead of autumn budget.
Follow the latest updates ahead of tomorrow's Budget in our MailOnline Rachel Reeves is facing a backlash against plans to hike the National Living Wage to more than £12 per hour while also putting up taxes for businesses, over fears it could send some to the wall.
While this will boost many workers' pay packets, it could also deal a blow to firms' bottom lines and raise fears they could delay or even cancel taking on new staff. Nye Cominetti, its principal economist, said: 'The smaller rise in the minimum wage next Spring – expected to be the first time in almost a decade when it has risen no faster than typical wage growth – is sensible in the context of an expected rise in employer National Insurance contributions at the same time. The Government may want to take a more ambitious approach in future years.'
But government sources indicated the final figure will be higher as the quango will now be using a new mandate handed to it by Ms Reeves in the summer, which will require it to take greater account of the cost of living. Ms Reeves replied: 'It's good to be explained how to do my job by one of the members opposite who crashed our economy.
She told the BBC that she would meet the Government's definition, despite a salary of more than £160,000, saying: 'My income derives from my job, and I'll pay whatever taxes are required of me.'
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