The Bank of England said its biggest concern regarding inflationary pressures is a sharp rise in average weekly earnings.
The extracts of the speech released by the party made no reference to taxes after Conservative lawmakers and even senior minister Michael Gove have called for tax cuts ahead of an election expected next year. In the meantime, average weekly earnings have risen sharply for workers across the board, which the Bank of England has said is its biggest concern regarding inflationary pressures.
“We are waiting for the Low Pay Commission to confirm its recommendation for next year. But I confirm today, whatever that recommendation, we will increase it next year to at least £11 an hour,” Hunt will say.Prior to Hunt’s speech, former prime minister Liz Truss will put pressure on the government to lower taxes in her only expected intervention at this year’s conference.