The new rate will make the UK minimum wage one of the highest in Europe.
Speaking in Santa Cruz, Bolivia, Pope Francis calls for just economic order.
Greek parliament will vote on Prime Minister Alexis Tsipras' latest proposal to the EU on Friday.
Greek MPs from the ruling Syriza party are scheduled to meet on 10 July to decide proposal.
As its bigger neighbour China flounders, will Mongolia be the next bull market?
Millions of Chinese risk losing their investment as the government props up its flagging exchange
Osborne's interference in minimum wage-setting will cost 60,000 jobs, predicts OBR.
Proposals likely to include debt restructuring that proved major sticking point with creditors.
Projections for US and Canada have fallen while that for Spain and Italy have risen.
The expansion rates of India, China and South Africa have been kept steady from the April World Economic Outlook.
Elderly Greeks without bank cards have been told they must go to banks to take out part of their pensions.
BOE announced that its Monetary Policy Committee decided to keep the size of the quantitative easing programme at £375bn.
The People's Assembly against Austerity held a 'die-in' just hours after the summer budget.
There is enough money in ATMs over the weekend, says Greek Banks Association.
The US currency also came off its highs after minutes of Wednesday's FOMC meeting emerged.
Investors with over 5% stake cannot sell shares for the next six months.
Royal Institution of Chartered Surveyors warns that benefit cuts exacerbate situation.
EU tells Greece ahead of 12 July summit: 'This is your final wake up call'.
Economy hasn't normalised enough for an immediate hike.
EU law experts and rock-star economists are calling for less sabre rattling and more Greek debt restructuring.
PM Alexis Tsipras has until 9 July to flesh out the proposals.
Before today, the last all-Conservative budget was delivered by Kenneth Clarke in 1996. How does George Osborne's stack up?
IBTimes UK economics commentator William Keegan gave his view on Osborne's first all-Tory budget.
The amount of tax-free income UK workers receive will be increased from £10,600 to £11,000.
Chancellor unveils the first all-Tory budget in 18 years, declaring 'Britain deserves a pay rise'.
Chancellor George Osborne targets buy-to-let mortgage relief for landlords in tax crackdown.
Labour leader Harriet Harman attacks George Osborne for empty slogan on north.
Read the Conservative chancellor's full emergency budget here.
Eurozone countries have given Greece until 12 July to come up with a proposal for sweeping reforms.
Osborne adjusts buy-to-let and rent-a-room reliefs so landlords pay more tax.