UK TO SEE ABOVE INFLATION WAGE RISES
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Britain's minimum wage is likely to rise faster than inflation for several years to come, so long as the economy continues to improve, the body which advises Britain's government on the topic said on Wednesday. Earlier in the day the government agreed to the Low Pay Commission's recommendation for a 3 percent increase in Britain's minimum wage this year to 6.50 pounds, which will be the first above-inflation increase since 2008.
Provided the economy continues to improve we expect to recommend further progressive real increases in the minimum wage, so that 2014 will mark the start of a new phase of bigger increases," said David Norgrove, who chairs the commission.
Finance minister George Osborne said in January that he would like to see the minimum wage rise faster than inflation, after several years in which Britons' living standards have fallen in real terms.