Miliband confirms Labour want £8 Minimum Wage by 2020

The Sunday Mirror and the Observer both carry the splash this morning that Ed Miliband is planning a Minimum Wage of £8 an hour by 2020 is Labour wins the next election. That’s an increase of £1.50 an hour from the current minimum wage, which will be implemented by the Low Pay Commission over the course of the next Parliament in consultation with business, would be based on a plan to boost the NMW from 54% to 58% of median earnings by 2020.

Making the announcement, Miliband said:

“Too many people are treading water, working harder and harder just to stay afloat. Too many working people have made big sacrifices but in this recovery they are not seeing the rewards for their hard work because, under the Tories’ failing plan, the recovery is benefiting a privileged few far more than most families.

“One in five of the men and women employed in Britain today do the hours, make their contribution, but find themselves on low pay. But if you work hard, you should be able to bring up your family with dignity.

“From Perth to Portsmouth to Penzance working people are demanding to know if any political party can make a difference. I have heard that despair in Scotland and across the United Kingdom.

“But this week Labour’s Plan for Britain’s Future will show how we can change and how we can become a country that rewards hard work once again.  That’s why we have set out plans to raise the minimum wage by £1.50 an hour by 2020 to £8 an hour – because Labour is the party of hard work, fairly paid.”

The announcement on the Minimum Wage was rumoured to be planned for Miliband’s speech on Tuesday – so it being announced today sugegsts that there’s something else planned for then.