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The National Minimum Wage Act 1998 (c. 39) creates a minimum wage across the United Kingdom. [2] From 1 April 2024, the minimum wage is £11.44 per hour for people aged 21 and over, £8.60 for 18- to 20-year-olds, and £6.40 for 16- to 17-year-olds and apprentices aged under 19 or in the first year of their apprenticeship. [3]
The total of workers affected was expected to rise to 6 million in 2020 if a £9-an-hour minimum had been established by then. [ 6 ] [ 10 ] In November 2023, Jeremy Hunt announced that all workers over 21 would receive the National Living Wage of £11.44 per hour from April 2024 onwards.
£1.229 trillion £1.276 trillion £47.2 billion 2024, March: 2023, March: 2022, November: 2022, September mini-budget: 2021, October: £929 billion £1.045 trillion £116 billion 2021, March: £819 billion £1.053 trillion £234 billion 2020, March: £873 billion £928 billion £55 billion 2018: £810 billion £842 billion £32 billion
On 23 September 2022, the Chancellor of the Exchequer, Kwasi Kwarteng, delivered a Ministerial Statement entitled "The Growth Plan" to the House of Commons. [1] [2] Widely referred to in the media as a mini-budget (it not being an official budget statement), it contained a set of economic policies and tax cuts such as bringing forward the planned 1% cut in the basic rate of income tax to 19% ...
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A National Minimum Wage (NMW) was introduced for the first time by the Labour government on 1 April 1999 at the rate of £3.60 per hour for those workers aged 22 and over, [125] Labour having promised to set a minimum wage in their 1997 general election campaign. In its election manifesto, it had said that every other modern industrial country ...
The most recent SPI report (2012/13) gave annual median income as £21,000 before tax and £18,700 after tax. [7] The 2013/14 HBAI report gave median household income (2 adults) as £23,556. [ 9 ] The provisional results from the April 2014 ASHE report give median gross annual earnings of £22,044 for all employees and £27,195 for full-time ...
At the time of its introduction in 1999, the reduced tax rate of 10% applied to incomes between £4,335 and £5,835 [5] (equivalent to £9,489 to £12,772 in 2023) and was the only income tax paid by 1.8 million of the lowest earners. [3] By early 2008, the 10% tax rate had been raised to apply to income between £5,225 and £7,455. [6]