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Miliband eyes higher minimum wage for financial firms

Labour leader Ed Miliband is considering a higher national minimum wage for sectors such as financial services and has pledged to increase corporation tax to reduce small business rates.

At the Labour party conference, Miliband told the BBC he will look at increasing the minimum wage 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.”

The Labour leader also announced plans to increase corporation tax and use the proceeds to reduce rates for small businesses.

Corporation tax, currently 23 per cent, is due to fall to 21 per cent next year and to 20 per cent in 2015.

Miliband estimates his plans would save 1.5 million small businesses nearly £450 each over two years.  

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