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Budget Boost: Minimum Wage Rises Amid Business Rate Hike

12/1/2025

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Summary

Story summary

Chancellor of the Exchequer Rachel Reeves announced the Budget, raising minimum wages from April to £10.85 for 18–20-year-olds (up 85p) and £12.71 for those over 21 (up 50p).
London businesses with properties valued over £500,000 will face higher business rates.
Ros Morgan, chief executive of the Heart of London Business Alliance, said the combination of higher wages, National Insurance, and higher business rates amounts to a "triple whammy."

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Story summary

Chancellor of the Exchequer Rachel Reeves announced the Budget, raising minimum wages from April to £10.85 for 18–20-year-olds (up 85p) and £12.71 for those over 21 (up 50p).
London businesses with properties valued over £500,000 will face higher business rates.
Ros Morgan, chief executive of the Heart of London Business Alliance, said the combination of higher wages, National Insurance, and higher business rates amounts to a "triple whammy."