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Fiscal impact of the 5.5% pay rise for NHS staff and teachers on Labour’s budget by end of 2024?
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Resolution / Starting Odds
£1 billion shortfall • 25%
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Reports from the Institute for Fiscal Studies (IFS) or official government budget reports
Story
UK Government Considers 5.5% Pay Rise for NHS Staff and Teachers, Costing £3 Billion
Jul 21, 2024, 08:34 AM
The UK government, led by the Labour Party, is considering implementing a 5.5% pay rise for NHS staff and teachers. According to the Institute for Fiscal Studies (IFS), this increase could cost an additional £3 billion. The move, aimed at providing above-inflation pay awards for millions of public-sector workers, may create a significant fiscal hole, potentially requiring extra taxes or borrowing to fund the pay rises. Sir Keir Starmer is poised to proceed with these pay increases despite the financial implications, which could include a £1.5 billion shortfall in Labour’s budget.
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