Bad new for businesses that are already struggling and now have another rise forced on them. It could make a lot of places cut staff hours or stop advertising. It will still be well below Real Living Wage that was announced last Wednesday as rising to £12.60.
Im not sure this gov has figured out yet that giving to one pocket while taking from another actually doesn't drive the economic growth, doesn't reduce any gov deficit or positively serves the people. Bars and Restaurants are closing at a rapid rate of knots, im sure other smaller business likewise. Im still awaiting to see what the big tickets are that drive ecomonic growth. The bus cap, OAP heating allowance and EV road tax certainly doesn't. I have been disappointed with the Labour approach so far, but serious question, are there any positives that this gov has introduced so far that make an impact? Have I missed something?
People should be paid a wage that they can live on, for far too long businesses have got away with paying low wages because the minimum wage says they can. Why shouldn’t they be given a pay rise like everyone else, they still have cost of living issues and even more so on such a low income.
Except the rich aren't the only ones running small local businesses. Constantly raising the minimum wage without addressing the factors that are driving it up is folly. Raise the minimum wage, cost of goods and services goes up (1 because some businesses know they can as people now have more money and 2 because others have to to cover the costs). Costs of goods and businesses goes up and guess what? Yep minimum wage goes up. The key expenses need capping, not the minimum wage rising.
A 2 parent family with just 1 child cannot afford to live on the current MW at 40 hours a week, without UC supplementing it. It's just not possible. These companies love UC though, it means they can pay workers well below what their work is worth and get away with it.
I can live on £2 an hour if the costs are kept low or you can pay me £100 an hour and charge me £200 for a tin of beans and im skint.
I can guarantee not one person who is criticising this increase to NMW is on anything like that rate of pay. This about killing small businesses might have some merit - but the fact is that businesses big and small have been propped up for years by being allowed to pay a wage people can’t live on, due to the government topping up pay of even full time workers with universal credit and working tax credits prior to that. If they can’t afford to pay workers enough to afford an even a minimal standard of living, then their business was never properly viable. Larger businesses have turned over millions in profit and directors earned millions in dividends due to deflated wages being topped up by tax payer funds. The national insurance hike will affect me personally as I have to pay my own employers contribution as a contractor using an umbrella. But I accept that something has to give. Funds have to be sought somewhere.
Incorrect I'm afraid. Raising nmw rather than addressing the causes of poverty has always been something I've been against. It's nothing more than a sticking plaster.
Which part are you struggling with? Was it the one misspelling of and due to the s and d being next to each other?
Nice rant, but you’re not realising that the businesses that are closing are the small independents who can’t keep up with the big conglomerates. Especially when faced with the extra taxes that are expected in the budget. Not all business owners are rich. Many will close and then there will be no wage. But Amazon, EBay, Evri, etc will be ok paying their minimum taxes. The wage is not the problem, the rampant cost of living is. These costs will always be passed down to the consumer. So their net income will remain the same. But our chance of competing with other countries will diminish due to our high costs.
Big businesses will still get the bonuses. The national insurance “hike” will see the end to a lot of small local shops, restaurants and bars… but who cares about those workers? We all can order it from Amazon anyway. The minimum wage for those made redundant will be less when they’re on the dole after these non-viable businesses fold.
Have you just said tax rises expected in the budget? Stop reading the Daily Heil. Leaving the EU was our chance to trade and compete with other countries. I agree about big comps paying their fair share of taxes, would they increase the wages, would they ****
All of it! Do you think that increasing the NMW is going to put businesses out of action? What about the energy price increase, fuel costs and also big companies taking the pi$$ by increasing costs just to please their shareholders and their return? I am still waiting for someone to explain how a simple tin of beans ca n range from 25p to £1.50, but hey ho, blame the NMW increase
