Amid the economic gloom, there was some good news for the less well-off last week, with a substantial increase in the national minimum wage coming into effect. Anyone over the age of 22 must now receive at least £5.73 per hour, a rise of 21p on the previous threshold. Workers aged between 16 and 22 receive less than this, but their minimum pay scales have also increased, almost exactly a decade after the minimum wage was first introduced. Back then, it stood at just £3.60 per hour for adults.

At the same time, the Government has announced proposals to impose strict £5,000 penalties on bosses refusing to pay the minimum wage, as of next April. This is an important measure, as Employment Relations Minister Pat McFadden pointed out: "It is vital that we safeguard this right with effective enforcement, which is why we're bringing in tough new penalties for those who flout the law".