JEREMY HUNT plans to raise the national living wage to help Brits through the cost of living crisis.
The Chancellor is considering a 10% increase, which would raise the threshold from £9.50 to £10.40 an hour.
Jeremy Hunt plans to increase the national living wage in his fall statement Thursday[/caption]
The move would mean pay for more than 2.5 million Britons.
The national living wage is the minimum amount that all employers are required to pay employees aged 23 and over.
Those under 23 can be paid the minimum wage instead, which is £9.18 for 21-22 year olds and £6.83 for 18-20 year olds.
Final confirmation of the Living Wage changes will come this Thursday when Mr Hunt releases his autumn statement.
The main budget will detail how the Treasury will fill an estimated £50bn black hole in the public coffers.
The gaping hole was created due to the pandemic, Mad Vlad Putin’s war in Ukraine, rising energy costs and Liz Truss’ disastrous mini-budget.
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Everyone will have to pay more taxes and make “sacrifices,” says Jeremy Hunt
On Sunday, the chancellor warned that tax increases will affect “everyone” and “we will all pay a little more tax”.
The somber Mr Hunt added that there will be no tantalizing ‘rabbit-out-of-the-hat’ policy either.
But yesterday Rishi Sunak dropped his biggest clue yet pensioners will be protected while others feel the pressure.
Asked if he would increase pensions in line with inflation next year, the Prime Minister insisted he was “someone who understands the particular challenge faced by pensioners”, adding “they will always be at the forefront of my thoughts”.
However, the chancellor will give councils more powers to levy local taxes to pay for welfare.
Currently, without a local referendum, local leaders are only allowed to increase 2.99 percent plus a 1 percent levy on elderly care.
However, the threshold for such voting is set to be raised, meaning hikes will be harder to block.
Meanwhile, Mr Hunt will call in time for £10billion-a-month support for universal energy bills – with only the least well-off lining up for hefty support.
Bills for the average home are to be capped at £3,000, £500 higher than now.
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And Mr Hunt will hit back calls for a repeat of the £400 one-off payment made to households this year to keep bills down.
So all in all, many families will be £900 worse off on average – that’s £75 a month.
But PM was busy last night stressing that fairness will be at the heart of the budget as he traveled to the G20 in Indonesia.
He said of his plans: “We will put fairness and compassion at the heart of all the decisions we make and I’m confident that people will see that next Thursday.”