Tue. Jan 26th, 2021

Watchdog attacks Tory and Labour minimum wage proposals

Institute for Fiscal Studies launches scathing review of plans to cut in-work poverty

Labour’s plans to increase the minimum wage to £10 an hour for all workers on its first day in office will treble the number of people covered by the pay policy and largely miss the target of raising the incomes of poor households, according to a study by the Institute for Fiscal Studies.

The tax and spending watchdog said a Tory proposal to increase wages at a slower pace would only double the number of people protected by the minimum wage by 2024 and also largely benefit those in better-off households.

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