The U.K. is lifting its minimum wage to nearly double the U.S.’s hourly pay floor

Chancellor Jeremy Hunt has outlined a plan to lift what’s called the national living wage by nearly 10%, from £10.42 to £11.44 ($14.35). He called that the biggest increase in more than a decade.

The minimum wage applies in the U.K. to those over the age of 23, though when the new rate goes into effect in April it also will apply to 21- and 22-year-olds.

Internationally,…