Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UK's Sunak to unfreeze public sector wages, Treasury says

Published 25/10/2021, 22:34
Updated 26/10/2021, 08:51
© Reuters. Britain's Chancellor of the Exchequer Rishi Sunak appears on BBC's 'The Andrew Marr Show', in London, Britain, October 24, 2021. Jeff Overs/BBC/Handout via REUTERS

LONDON (Reuters) - British finance minister Rishi Sunak will unfreeze public sector pay when he presents his budget in two days' time, the finance ministry said on Monday.

The fact he would do this was first reported by the Sun newspaper on Sunday.

The size of the pay rise will depend on recommendations from pay review bodies that set wages for frontline workers, the finance ministry said in the 17th budget announcement to be released in advance of Sunak's statement on Wednesday.

The finance ministry also confirmed that the national minimum wage for people aged 23 and above will be lifted in April to 9.50 pounds ($13.06) an hour from 8.91 pounds.

Sunak is expected to set fairly tight limits for most areas of day-to-day public spending in his budget on Wednesday, which will seek to lower public debt after a record surge in borrowing during the pandemic.

© Reuters. Britain's Chancellor of the Exchequer Rishi Sunak appears on BBC's 'The Andrew Marr Show', in London, Britain, October 24, 2021. Jeff Overs/BBC/Handout via REUTERS

The measures announced in advance of the budget include funding for the health service, education and regional transport.

($1 = 0.7272 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.