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No one who goes to work every day should have to put up with the indignity of living in poverty. But to our shame, millions do in Britain today.

Despite being the fifth richest country in the world, one in five Brits still struggles to make ends meet - including two million Londoners.

Twenty years ago, less than a third of people living in poverty in my city worked. Today it is nearly two thirds – including a disproportionately high number of people from black, Asian and minority ethnic backgrounds.

This is totally unacceptable - both morally and economically. We must take action against the growing problem of in-work poverty.

Everyone who does a hard day’s work should always be rewarded with a fair day’s pay. This should be a basic right.

A job should guarantee you a decent standard of living. And you shouldn’t have to worry about choosing between putting food on the table, heating your home or clothing your kids.

This isn’t just about creating a fairer society - it’s good for our economy too. The evidence is clear that paying decent wages is better for business. I urge all businesses to sign up and get accredited as living wage employers.

I am delighted to reveal today that the new London Living Wage is increasing to £10.20 – as promised when I ran to be Mayor, breaking the £10 mark for the first time ever.

Working people keep my city and our country running. From cleaners and nursing assistants, to childminders and shop assistants. They deserve to live free from poverty.

Today is a good step towards my ambition: a city and a country where everyone can share in our prosperity and everyone has a fair shot at succeeding.