It comes amid reports that some Cabinet ministers including Business Secretary Vince Cable and Work and Pensions Secretary Iain Duncan Smith are calling for rises of 50p or more.
The Low Pay Commission, which examines what is appropriate for the minimum wage, is due to announce its recommendations next month.
Asked about the issue by reporters yesterday, Osborne said: “I think everyone wants to see an increase in the minimum wage. I would like to see an increase in the minimum wage. But it has to be done in a way that doesn’t cost jobs, because that would be self-defeating.
“We have a Low Pay Commission as a body that exists to make exactly that judgment.
“What we have got to do as a country is get the balance right between supporting business, growing our economy and making sure it is a recovery for all, and that is what our long-term plan is all about delivering.”