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National Minimum Wage set to rise by 10%

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The Financial Times is reporting that the national minimum wage, currently £3.70 an hour, is set to be increased by around 10 per cent, the second rise since its introduction two years ago.

Stephen Byers, Trade and Industry Secretary, is planning to make the announcement to the House of Commons as part of next week’s Budget package.

Industry had been expecting a rise to about £4, although unions were optimistic that the increase would be higher.

The CBI have indicated that a rise to £4 an hour would be acceptable but any larger increase would threaten the future of many businesses.

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