Overview: George Osborne calls for a rise in the minimum wage

George Osborne has called for a rise in the National Minimum Wage (NMW) to support the low-income workers who have been affected by the economic crisis.

He said, an increase in the NWM will “make sure that we have a recovery for all and that work pays”.

The Chancellor has not yet decided a new level for the wage, however he did state that it would be a “significant increase”.

Officials studying the implications of an increase from the current £6.31 per hour to £7 by 2015 have suggested that the increase in the NWM would benefit the treasury as it would see an increase in income tax but a decrease in benefits.

However, the treasury calculated that an increase to £7 per hour would be revenue neutral as there would be a fall in company profits, this would offset tax gains from workers.

Previously Mr Osborne pondered the idea of more benefit cuts, he said “Let’s just look at the case for an increase in the minimum wage on its merits, whether it’s right for the British economy, not because we think it’s some quick fix for the bigger issue of how you have a welfare system that is affordable and where work pays”

The final details are yet to be revealed by The Chancellor, we’ll keep you up to date as more news is revealed.

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