UK's Sunak: Cannot justify significant across the board pay rise for public sector workers

British finance minister Rish Sunak announced on Wednesday that they will raise pay for over 1 million doctors, nurses and other health workers but added that pay rises in the rest of the public sector will be paused next year, per Reuters.

Additional takeaways

"I cannot justify significant across the board pay rise for public sector workers."

"Lowest paid public sector workers will receive a pay rise of at least 250 pounds."

"We are accepting the recommendation to raise the national living wage by 2.2%."

"We will also raise the minimum wage for younger workers."

"Total departmental spending next year will be 540 billion sterling."

"Day-to-day departmental spending will rise by 3.8% in real terms next year."

Market reaction

The UK's FTSE 100 remains in the negative territory after these comments and was last seen losing 0.56% on the day at 6,396.