Labour leader Ed Miliband is considering a higher national minimum wage for certain industries such as financial services.
Speaking to the BBC at the Labour party conference in Brighton yesterday, Miliband said he will look at increasing the minimum wage but only in a “responsible way”.
The minimum wage is set to increase by 12p to £6.31 an hour for adults and 5p to £5.03 for 18 to 20 year olds from October.
Miliband said: “We are looking at two sets of issues; firstly, the value of the minimum wage and the second issue is whether there is a case for certain sectors, like finance for example, for having a higher minimum wage. I say that because the minimum wage must be set a level where it is not going to cost jobs, which is really important.”
Miliband set out plans for tougher enforcement of the minimum wage, saying the maximum £5,000 fine for breaching rules is ”not right”.
He promised to strengthen enforcement and hit out at the lack of prosecutions for employers not paying the minimum wage.
He also pledged not to borrow to pay for more day-to-day spending and rejected Treasury claims his plans have a £27bn black hole.
Miliband also hinted that a future mansion tax of 1 per cent of properties worth more than £2m could apply on the full cost of the home and not just above £2m.