Some small businesses are blaming George Osborne’s recently introduced policy,of a £7.20 per hour work rate, for job losses and company insolvenciesThe creation of the National Living Wage was the headline announcement of the budget in July 2015. The chancellor George Osborne set a rate of £7.20 per hour for all workers aged 25 and older, or which came into force on April 1,2016. He also set a target of £9 per hour by 2020.
One month on, there are concerns that the National Living Wage may be affecting job creation and employment. Prior to April, and the Office of Budget Responsibility predicted that the increase in wage costs to businesses would lead to 60000 workers losing their jobs and four million fewer working hours per week in the UK.
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Source: theguardian.com