Millions of Brits will have their pay changed when a bumper new measure is announced by the Labour Government in the upcoming 2024 Autumn Budget.
It will be the first big announcement by Sir Keir Starmer's new government, which won power in the general election earlier this year as the United Kingdom said goodbye to the Conservatives after 14 years of rule.
Set to be unveiled by Chancellor of the Exchequer, Rachel Reeves, the Budget will outline the major economic policies that will impact Brits in the next year.
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What is the 2024 Budget?
The 2024 Budget will outline changes to the economy, from how much tax is paid by people and businesses to the funding of certain services (such as the NHS or schools).
Some changes are implemented straightaway, while others might be slowly worked in to the system, with the finer print still needing to be ironed out by politicians and civil servants running the country's affairs.
The policies will be outlined on Wednesday (30 October) at 12.30pm in the House of Commons, with Reeves explaining the changes she is bringing forward.
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The shadow chancellor, Jeremy Hunt, will then immediately respond to the policies before days of debate is undertaken on the fiscal changes.
Will I get a payrise in the 2024 Budget?
One big change that is set to impact Brits in 2025 is pay, impacting more than one million Brits going forward.
Reports indicated that Reeves will bring in a massive six percent boost to minimum wage, with this being introduced from next year.
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It comes after politicians said they were committed to 'raising the floor' on wages for those who are paid the lowest in British society.
How much will my pay go up by?
Right now, 1.6 million workers in the UK are paid the National Living Wage. For those who are over 21 years old, that is £11.44 an hour.
This is now being upped big time, with Reeves expected to raise the base rate by at least 68 pence per hour to £12.12, according to reports.
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For someone employed full-time on a 40 hour contract, that is an extra £1,414 a year, or £117 a month.
If you are paid the current £11.44 an hour rate, the increase to your wages will be introduced just before the start of the 2025 financial year, which is 1 April.
If you're under 21, don't get too frustrated. Labour has said that those aged 18 to 20 and earning minimum wage will have their pay upped to the same rate as those 21 or older. The Times reports that a 'single adult rate' is being put together to level the playing field for everyone aged over 18.
Topics: Cost of Living, Keir Starmer, Money, Politics, UK News
Tom Earnshaw