British Minister of Finance, jeremy hunt, has announced today in his budget speech in the House of Commonss, that the minimum wage in the UK will pass in April 2023 (when it increases) from 9.50 pounds to 10.42 pounds per hour. This increase will benefit nearly two million Britons. Keep in mind that in April this year the minimum wage was raised from 8.91 to 9.50 pounds per hour.
Is about an increase of 9.7%which Hunt said represented an annual salary increase of over £1,600 for full-time workersa. In his speech, he told deputies his three priorities were “stability, growth and public service.” “This is the UK’s largest national living wage cash increase,” said the Minister of Finance in the House of Commons.
Britain is officially in recession
“The Office of Budgetary Responsibility (OBR) has concluded that we are already in a recession. And the economy will shrink 1.4% next year before growing again in 2024,” Hunt said.
Also, the chancellor announced two new fiscal rules: that underlying debt must decrease as a percentage of GDP in the fifth year of a five-year period in a row, and that public sector debt, over the same period, must be iless than 3% of GDP.
At the same time, Hunt announced the steps he would take on recession, inflation, taxes, health, spending and profits, and climate and energy. As its mission to beat inflation, not to increase the general tax rate, increase the state budget UK National Health Service (NHS), or increased funding for the social care sector.
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