Qualified advisers answering your
Financial Questions
call 0800 092 1245

Business leaders urge government to freeze minimum wage

The UK government has today been urged to freeze the minimum wage in order for businesses to retain their competitiveness in the UK economy amid one of the worst downturns in living history. The call has come from the British Chambers of Commerce which represents a wide spectrum of UK businesses many of whom are struggling to make ends meet. They have suggested that the government freeze the National minimum wage until economic conditions improve and company balance sheets are able to take a further hit.

The problem at the moment is that businesses in the UK would not be able to push through any price rises to cover any increased costs in relation to the national minimum wage. There have also been calls for public sector wages to be frozen in the short term as the UK taxpayer seems to be taking hit after hit in pursuit of an economic revival. If the government was to push ahead with an increase in the minimum wage this would no doubt result in a number of businesses going under due to the very difficult market conditions.

The retail and leisure sectors have been the hardest hit since the minimum wage was introduced and would suffer to a greater degree if it was increased again.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details