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Market
UK government’s method of funding the 5.5% pay rise for NHS staff and teachers by end of 2024?
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Resolution / Starting Odds
Increased borrowing • 25%
New taxes • 25%
Reallocation of existing budget • 25%
Combination of methods • 25%
Official announcements from the UK government, HM Treasury, or related departments
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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Similar markets
Raising taxes • 25%
Borrowing funds • 25%
Cutting other expenditures • 25%
Other • 25%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
5.5% • 25%
Less than 5.5% • 25%
More than 5.5% • 25%
No pay rise • 25%
Yes • 50%
No • 50%
