|Mr Osborne said that the wage rise should happen due to the fact that the economy is recovering - claiming UK workers should be able to start to "enjoy the fruits of all that hard work".
Talking about the issue, the chancellor said in the interview, according to hrmagazine.co.uk; "Because we're fixing the economy, because we're working through our plan, I believe that Britain can afford an above-inflation increase in the minimum wage, so we restore its real value for people, and we make sure we have a recovery for all and that work always pays."
Although many workers will be in favour of this, some have expressed worries about how the changes could affect businesses in the country. This includes John Cridland, Confederation of British Industry (CBI) director general, who said that small firms could be harmed by a wage increase. He also claimed that the move could impact on job creation.
However, in answer to this, the chancellor has said that he will offer companies tax cuts in order to see the measures introduced, according to dailymail.co.uk.