UK's Hunt: Will raise minimum wage by 9.7%

UK Finance Minister Jeremy Hunt is presenting the Autumn Budget to parliament.

Key takeaways

"Will cap increase in rents on public housing to maximum 7%."

"Will raise minimum wage by 9.7%."

"Hourly rate of minimum wage will rise to 10.42 sterling."

"Will raise working-age and disability benefits in line with inflation."

"Rise in benefits will cost 11 billion sterling."

"Will increase pension credit by 10.1%."

"Will increase state pension in line with triple lock."

Market reaction

GBPUSD stays under modest bearish pressure and was last seen trading at 1.1830, where it was down 0.65% on a daily basis.