Minimum wage should rise to £15 for all workers, says TUC
The Trade Union has advised that the minimum wage should rise to £15 an hour, for every worker of any age, as soon as possible to help lower paid workers who are struggling with the increases in the cost of living.
The government said it was “determined to make work pay” and that this year’s increase in the minimum wage in April was the largest ever rise. However, they worry that setting the minimum wage too high or increasing it too quickly, could lead to higher unemployment with businesses with businesses unable to afford to pay workers at this level.
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Seven of the best app-based savings accounts
With prices rising at a considerable pace, businesses are looking at everything they can do to save money for the coming months.
Saving accounts could be the key to overcoming the increase in costs.
Anna Bowes from Savings Champion says: “Some savers may feel less inclined and confident to use an app-only savings account. For others, it makes the whole process simple and mobile – especially if you want to move your cash around in a hurry.”
Zopa Bank and Atom Bank are the top saving apps suggested by the Daily Mail.
For more information on all saving apps, click here.
Firms may be offered grants to pay for energy
Chancellor Nadhim Zahawi is considering grants for small businesses to help them through the energy crisis, similar to the previous Covid financial support.
With the winter season coming around quickly, the government needs to come up with solutions for small businesses to survive the winter.
One option is to repurpose the covid support scheme that has worked well for the last few years. The final decision, however, will be down to the new prime minister, who has not yet been chosen.
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Energy bills to soar for millions as price cap hiked to £3,549
It has been announced that in October, energy bills will hike 80%, meaning customers will pay an extra £1,578 a year.
Reports suggest households are already struggling to pay their energy bills before this added hike in October. EDF has said half of UK households could be in fuel poverty in January.
Ahead of the increase, frontrunner Liz Truss said she would use an emergency budget to “ensure support is on its way” if she becomes prime minister.
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