Millions of workers in the UK could be set for a pay rise which would see them earning almost £1800 more a year.
This comes ahead of Thursday’s (November 17) Autumn budget where Prime Minister Rishi Sunak will reportedly raise the national living wage by almost 10%.
This will be Sunak’s first budget since entering Downing Street.
According to reports from The Times, the move will benefit 2.5 million people.
Currently, the national living wage stands at £9.50. The Times reports this is expected to be raised to £10.40.
For a standard 37.5-hour week, this would equate to a pay rise of £1755 a year.
Jeremy Hunt is also expected to lift the cap on bankers’ bonuses when he delivers his autumn budget on Thursday.
The Financial Times first reported the Chancellor will make the lifting of the cap one of the few measures to survive Kwasi Kwarteng’s disastrous mini-budget, as he bids to use the autumn statement to restore the UK’s economy.
The autumn budget announcement is due on Thursday, November 17.
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