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UK Minimum Wage Surge Impact
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The UK's upcoming nearly 10% rise in the national living wage to £11.44 per hour may lead to persistent inflation challenges, potentially hindering the Bank of England's interest rate adjustments. Economists express divided opinions on the impacts, emphasizing worries about heightened inflation and wage growth. Businesses such as Next and Tesco expect a surge in consumer spending following the wage increase.
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How could this wage surge influence the overall economic landscape of the UK?
How might the wage increase impact other sectors beyond retail?
What strategies can policymakers employ to mitigate inflation risks from the wage hike?
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