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UK Minimum Wage Surge Sparks Inflation Worries
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The UK's impending almost 10% increase in the national minimum wage to £11.44 per hour raises concerns about rising inflation and wage growth, potentially complicating inflation control strategies. Economists are split on the outcome, with fears of delayed interest rate cuts. Corporations such as Next and Tesco expect increased consumer spending following the wage escalation.
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How could this wage hike impact different sectors of the UK economy?
How might the wage increase affect the overall economy beyond inflation?
What strategies could policymakers employ to mitigate the potential negative effects?
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