The National Living Wage rises 3.9% to £13.20 an hour under the Budget the Chancellor, John Healey, delivered on 28 October, according to MoneyWeek's coverage of the statement.
The National Minimum Wage rises by the same 3.9%. MoneyWeek reports that the increase benefits 2.3 million workers. The living wage goes up from £12.71 an hour, which MoneyWeek puts at about £27,500 a year for someone working 40 hours a week.
The figures are consistent. A rise from £12.71 to £13.20 is an increase of 3.86%, which rounds to 3.9%. At 40 hours a week for 52 weeks, £13.20 an hour comes to £27,456 a year.
Healey also triples the trading allowance from £1,000 to £3,000 a tax year. He announced a new 'young entrepreneurs allowance', which MoneyWeek says is meant to cover a year of living costs for young founders.
The 5p cut in fuel duty is extended until July. The VAT relief on electricity, due to run until March, is also extended to July.