This week’s budget will raise the national minimum wage for adults to £9.50, the Treasury announced.

The rate, also know as the national living wage, is currently at £8.91 – meaning the rise represents 6.6 per cent increase.

The national living wage applies to workers aged 23 and over, with a lower rate in place for younger workers. Those aged 21-22 will also see an 83p increase, up to £9.18.

But 16-17 year olds will get just a 19p increase and 18-20 year olds a 27p increase. Apprentices will see a 51p increase to £4.81.

The government said the increases were “broadly consistent” with previous rises, which it said had impacted around 1.5 million to 2.5 million workers.