Commenting on the announcement that the new National Living Wage will be set at £8.72, with the National Minimum Wage increasing across all age groups, British Chambers of Commerce Co-Executive Director Hannah Essex said: “Businesses want to pay their staff a good wage. They recognise and support the drive to improve living standards. But many have struggled with increased costs in a time of great economic uncertainty.
“Raising wage floors by more than double the rate of inflation will pile further pressure on cash flow and eat into training and investment budgets. For this policy to be sustainable, Government must offset these costs by reducing others – and impose a moratorium on any further upfront costs for business.”