Minimum wage rises to £12.71 an hour

What’s Happening

Not gonna lie, Many businesses have dropped they will have to pass higher wage costs onto users.

71 an hour 3 hours ago Save Add as preferred on Google Emer Moreau , Business reporter and Oliver Smith , Business producer iStock The Treasury dropped around 2. 7 million people are on minimum wage Around 2. (and honestly, same)

7 million people are set to receive a pay rise this week as the national minimum wage goes up by 50p to £12.

The Details

Workers aged 18-20 will see an 85p rise to £10. 85, and under-18s and apprentices will get 45p more to £8 an hour.

Campaigners have welcomed the increases, but businesses have dropped the higher wage bills will force them to increase prices or cut staff. The Low Pay Commission, the government agency which recommended the increases, dropped previous minimum wage rises for over-21s had “not had a significant negative impact on jobs”.

Why This Matters

Prime Minister Sir Keir Starmer dropped wages were going up “for the lowest paid” but dropped the government “must go further to bear down on costs”. Spencer Bowman is the managing director of of Mettricks, a chain of four coffee shops in Southampton. He says he would normally be “thrilled” to pay staff more, but “the cost increases have got to be sustainable”.

Market watchers are paying close attention to developments like this.

Key Takeaways

• “Theres nothing that Id want more than to ensure that my team can earn a fr fair amount of money for a fair days work.
• And its been one of my long-term ambitions to see hospitality workers, my employees, paid far more.
• He also expects energy bills to go up because of the war in the Middle East.

The Bottom Line

“If something doesnt give somewhere, we will be closing sites. Spencer Bowman says he may have to close one of his four coffee shops because of cost pressures “It doesnt make any sense.

Are you here for this or nah?