Retailers see £1.7bn effect of minimum wage
The British Retail Consortium (BRC) says the knock-on effects of National Minimum Wage - which rises today (Monday) - will cost retailers around £1.7 billion.
The BRC is publishing its annual NMW survey of retailers which says the impact is well beyond the actual rise in the minimum wage.
It said between 2006 and 2007, retailers' wage bills for shop floor staff rose by 12% - three times more than inflation. Other costs, such as rates and energy bills, also rose at the same time.
The NMW increases to £5.52 an hour for adults of 22 and over, to £4.60 an hour for 18 - 21 year olds and £3.40 for 16 - 17 year olds today.
