In the upcoming budget, Chancellor Rachel Reeves is expected to raise the minimum wage to £12.70 an hour: £26,416 annually for a full-time job. This means that the gap between salaries for minimum wage jobs and those for professional jobs that require a degree is shrinking fast.
Some smaller law firms are already paying newly qualified solicitors barely more than minimum wage. “Why would young people take on £45,000 of student debt if they can earn the same stacking shelves?” one executive told the Financial Times.
