It was music to our ears when, sat around the conference room table, our respective teas and coffees in hand, as we listened to the Chancellors Spring Budget. The majority of which will feature in our next Blog article, however we were particularly delighted to hear that the National Minimum Wage is rising by 4% to £7.50 as Philip Hammond continues his predecessor George Osborne’s plans to gradually increase the Minimum Wage to £9 by 2020.
This move will see an increase of almost £600 for those in full time work, which coupled with the increase in the personal tax allowance to £11500 could leave most full time workers on minimum wage almost £1100 better off. Definitely something to celebrate.
Chancellor Phillip Hammond said of these improvements, “Economic policy does not exist in a vacuum, and economic growth is a means, not an end in itself. The objective of our economic policy is to support ordinary working families, and to build an economy that works for them.”
Craig Roberts, Managing Director said, “I know the value of rewarding those who work for you. This is why since the start of IBP Recruitment I have insisted on paying in excess of the living wage to all our staff, as I believe people are the core of any successful business. It’s not enough to be ‘inspired by people’ you have to also invest in them too”.
Whilst we understand there are still more improvements to be made, and the results of this change can only be gauged after being in effect for some time, we are confident that this will help those working full time to