City executives have warned that the UK minimum wage is bumping up against starting salaries for graduates at professional services firms, raising concern about the impact on hiring for accountancy, law and finance.
The warnings come as Chancellor Rachel Reeves is expected to announce in this month’s Budget a 4 per cent increase in the minimum wage to ￡12.70 an hour, which would lift the average salary for a minimum wage worker on a 40-hour week from ￡25,376 to ￡26,416.
The lowest graduate salary for roles in finance and professional services is ￡25,726 while the median is ￡33,000 and the highest is ￡65,000, according to data from the Institute of Student Employers.
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