Budget 2024 live: Reeves to pledge more ‘pounds in people’s pockets’ as minimum wage to rise to £12.21

Labour’s Rachel Reeves will unveil her first Budget with a promise to increase the minimum wage to £12.21, aiming to put “more pounds in people’s pockets” and invest heavily in public services to drive economic growth. Reeves emphasizes the need for economic stability and believes in creating wealth and opportunity for all, with plans to deliver a genuine living wage for working people. Despite falling short of the Living Wage Foundation’s recommended £12.60 an hour, the 6.7% increase is seen as a significant step towards improving living standards and ensuring a strong economy.

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