On 23 November, during the Chancellor of the Exchequer’s first autumn statement, Mr. Hammond announced that the minimum wage for the over twenty-fives would rise by 4.2%. More generally, the Chancellor of the Exchequer underlined that Brexit uncertainty would negatively impact growth, with the 2017 growth rate revised down to 1.4%, and pledged to allocate resources from a £23 billion (approximately €27 billion) investment fund to infrastructure and innovation projects. The goal of budget balance, which had prompted the previous government’s austerity policies, is no longer the overriding objective.
“That’s a pay rise worth over £500 (€586) a year to a full-time worker,” stated the new Chancellor of the Exchequer, Philip Hammond as he presented the increase in the hourly minimum wage for the over twenty-fives to £7.50 (€8.75), up from £7.20 (€8.40). The move is in line with the Low Pay Commission’s recommendations and places more pressure on employers to contribute whilst the Cameron government’s national minimum wage introduced in April 2016 had already translated into a 7.5% increase in
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