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This Autumn Statement responds to the challenge of building on that strength, while also heeding the warnings in the OBR’s figures, as we begin writing this new chapter in our country’s history.
The National Living Wage for those aged 25 and over will increase from £7.20 per hour to £7.50 per hour. That means over £1,400 a year more for a full-time worker previously on the National Minimum Wage.
So I welcome the Commission’s continuing work on delivery model options, and we will carefully consider its final recommendations in due course.
The Low Pay Commission (LPC), the body that advises the Government on the level of the minimum wage, today welcomed the acceptance of its recommendations for the rates to apply from April 2017. These include a 4.2 per cent increase in the National Living Wage (NLW), the rate for workers aged 25 and over, from £7.20 to £7.50.
The government has therefore set new fiscal targets which aim for 2% underlying deficit and debt falling by 2020, and a balanced budget as soon as possible thereafter.
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