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<p>The fundamentals of the British economy are strong – wages are growing at the fastest
rate in over a decade, employment is at a joint record high and the unemployment rate
is at its lowest in over 40 years. Inflation has been at or around target since the
start of 2019, and as a result wages have now outpaced inflation on a CPI basis for
over a year.</p><p>On 1 April 2019, we increased the National Living Wage by 4.9%
to £8.21 - an above inflation increase which meant that a full-time worker on the
National Living Wage would be earning £690 more over the coming year. Supported by
the National Living Wage, the lowest earners have seen their wages grow by 8% above
inflation between April 2015 and April 2018.</p>
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