The Chancellor will announce the increase at the Budget on Wednesday after recommendations from the independent Low Pay Commission.
Rachel Reeves is reportedly planning to increase the minimum wage by over 6% in a move that would benefit more than a million low-paid workers from next year. The Chancellor is expected to announce the rise in the Budget on Wednesday, following recommendations from the independent Low Pay Commission.
However, according to The Times, it could rise to over £12.12 per hour after ministers pledged to "raise the floor" on wages. Workers aged between 18 and 20, who currently earn £8.60 per hour, could see a larger increase under government plans for a single adult rate. Craig Beaumont, the executive director of the Federation of Small Businesses, warned that the NI increase would significantly raise the cost of hiring new workers. He suggested that small businesses could face an additional £600, calling the rise "a tax on pay, hours and jobs which would lead to recruitment freezes – or worse".
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