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Will the UK Government borrow additional funds to cover the cost of the proposed 5.5% pay rise by the end of 2024?
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Resolution / Starting Odds
Yes • 50%
No • 50%
Official UK Government announcements, verified news sources
Story
UK Government Considers 5.5% Pay Rise for Teachers and NHS Workers Amid £3 Billion Cost Concerns
Jul 20, 2024, 11:43 PM
The UK Government is considering a 5.5% pay rise for teachers, nurses, and other NHS workers following recommendations from independent pay review bodies. This increase aims to address concerns over historic pay erosion, a retention and recruitment crisis, and chronic underinvestment in the public sector. However, the potential pay rise, which may cost an extra £3 billion according to the Institute for Fiscal Studies (IFS) and up to £10 billion according to an economist, has raised concerns about funding. Chancellor Rachel Reeves has indicated that the government will ensure the financial feasibility of these pay rises, even if it requires additional taxes or borrowing. Keir Starmer and Rachel Reeves have emphasized the importance of implementing these pay awards to avoid further dissatisfaction among public sector workers.
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Increased borrowing • 25%
New taxes • 25%
Reallocation of existing budget • 25%
Combination of methods • 25%
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