March 29 (Bloomberg) -- The City of London Corporation, which governs the square-mile financial district surrounding the Bank of England, agreed to support a campaign to pay a higher minimum wage to workers in the British capital.
The London living wage is 8.30 pounds ($13.20) an hour, compared with the national minimum wage of 6.08 pounds. The City of London, based in the six century-old Guildhall, will negotiate the living wage with service providers on a case-by-case basis, rather than require it for a contract to be granted.
“We support the London living wage,” Stuart Fraser, the City of London policy chairman, said in an interview yesterday. “We were reluctant a little bit.”
Citizens U.K., a London-based community organizing group, has campaigned since 2009 for the City of London to adopt the policy. It is supported by London Mayor Boris Johnson, whose government sets the rate. More than 100 organizations back the London living wage, including Barclays Plc, accounting firm KPMG and law firm Allen & Overy LLP.
“It’s a partial victory and a positive step in the right direction,” said Neil Jameson, director of Citizens U.K. “The next stage is to set this as an obligation in their procurement policy.”
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