IN a video message posted today, the Chancellor of the Exchequer, Rachel Reeves said:-    

"I know that the cost of living is still the number 1 issue for working people and that the economy isn't working well enough for those on the lowest incomes. Too many people are still struggling to make ends meet.  And that has to change.  

That's why today I'm announcing that we will raise the National Living Wage and also the National Minimum Wage, so that those on low incomes are properly rewarded for their hard work.  

These changes are going to benefit many young people across our country, getting their 1st job and I'm pleased to be here at Primark talking to workers about these announcements.  

These changes mean that from April 2026, the National Minimum Wage and the National Living Wage will boost the pay packets of around 2.7 million workers. For a full-time worker on the National Living Wage, that means an increase in pay of £900 a year. And for someone on the National Minimum Wage, working full time, it will mean a £1500 increase.  

We also need to support businesses while protecting jobs and the economy. And that's why we've secured trade deals with the US, with the EU, and with India. It's why we're committed to economic stability. To help interest rates fall further. It is why we have capped corporation tax, and why we're reforming business rates, particularly so that they help the high street.  

In this week's Budget, I'm going to deliver our mandate for change, and I'm determined to cut the cost of living for everyone."