Minimum Wage Will Rise By 6.6% To £9.50
Minimum Wage set to rise by 6.6% to £9.50 per hour
The National Living Wage is widely expected to be increased by 6.6% to £9.50 from £8.91 for workers over 23 in this week’s budget. The pay increase for millions of workers is twice the current cost of living rises and will put further inflationary pressure on businesses to pass the additional costs to consumers.
Retail sales continue to fall, as landlords ramp up the pressure on thousands of tenants in rent arrears.
Petrol prices hit record high in UK as inflation continues to soar towards a market predicted rate of over 4% by the year end.
Interest rates expected to rise to 0.25% to curb runaway inflation brought on by a lethal cocktail of higher transportation, food and commodity prices, staff shortages and central bank money printing on an industrial scale.
Rishi Sunak is expected to announce a £2bn investment into building new homes on derelict or unused land in England in Wednesday’s Budget.
The UK Chancellor wants 160,000 greener homes built on brownfield land the size of 2,000 football pitches, and has also pledged £9m towards 100 urban “pocket parks” across the UK.
There are also rumours that he will introduce more tax hikes including Capital Gains Tax (CGT). CGT is paid assets, such as shares, a business or a second home, are sold at a profit.
Conservative governments are traditionally ‘low tax, low spend’ administrations, but Rishi Sunak has to get the country out of the worst recession in 300 years, controlling inflation, as well as balancing the books after borrowing £400 billion to spend on propping up the economy during enforced lockdowns. UK debt is over £2 trillion.
In further bad news, the BBC appears to be dropping strong hints that the country could be forced into yet another Christmas lockdown as infection rates rise.
See: 6 Budget Changes That Could Hit Your Pocket
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