The living wage may cut poverty, but not by very much

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In the UK, according to the Living Wage Foundation, some 1,000 firms have pledged to offer a living wage, including household names like RBS, ITV and SSE. Earlier this week the annual rate increase was announced, raising it nearly 3% to £7.85 per hour (£9.15 in London). Over the year, this works out at just under £13,000 for someone who works the average number of hours in a year.