New budget sees living wage rise

Chancellor Philip Hammond has revealed the annual budget which sees living wage rise from £7.50 an hour to £7.83 an hour.

The UK’s living wage is still below the ‘real’ living wage of £8.75, with Labour pledging to raise the living wage to £10.

Meanwhile, the government have outlined a £2.3bn cost to bring forward the change to Consumer Prices Index from Retail Prices Index by two years to 2018.

After next revaluation, future revaluations to take place every three years rather than five.

Elsewhere, a consultation is to be held on the threshold of £85,000 at which small businesses pay VAT. The new budget will also see £200m a year extra from income tax on UK digital sales, in an attempt to level the playing field between online retailers and high street shops.

Go here for a full breakdown of the 2018 budget’s key points.

Picture source: The Guardian

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