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Bank charges: Minimum wage hike 'will not close gap in monetary requirements'

Consumers who are having trouble paying bank charges may have heard that the minimum wage has been increased by 15p per hour.

However, an expert has said that this increase will not help to close the gap in terms of what people need from their finances.

Chris Goulden, policy and research manager at the Joshua Rowntree Foundation, said: "Any rise in the minimum wage is to be welcomed because that's going to help out people who are right at the bottom of the labour market.

"But the rise is quite a long way below various measures of inflation and the cost of living."

The government announced on April 7th that it had accepted the independent Low Pay Commission’s recommendations for this year’s National Minimum Wage rates.

It means that the minimum wage for adults is now £6.08 per hour.

The rate for apprentices has also increased by 10p, meaning they now get £2.60 per hour.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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