Chancellor George "Cockney" Osborne has come out in favour of a shock, inflation-busting rise in the minimum wage, suggesting that those on the adult minimum pay structure might be earning a basic £7 an hour by the year 2015.
Osborne claims the UK's improving economic fortune means the employers of the nation "can now afford" to radically boost the minimum pay rate, which currently stands at £6.31 an hour for those over 21 after a small rise last year. Osborne says above-inflation rises are needed to compensate for the real-terms drop the wage has suffered in value since the banks flushed all the money down the toilet in 2008.
Employment groups like the Federation of Small Businesses aren't overly happy about the plan, though, claiming increases in costs such as this might hit the margins of smaller companies and result in jobs being lost. [BBC]
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