GEORGE OSBORNE’s new so-called living wage will barely pinch bosses’ pockets and ­significantly improve the lives of those working in some industries, economists said today.

According to a new report by the Resolution Foundation think tank, half of all workers are set to benefit from the policy, will add only an extra 0.2 per cent onto employers’ wage bills.

The higher minimum wage will be introduced next April at the rate of £7.20 an hour, but is expected to rise to over £9 by 2020.