Minimum wage

More than half of companies feel further rises in the minimum wage will hit employment prospects and damage competitiveness, according to research by the British Chambers of Commerce.

The warning comes as the British Retail Consortium estimated that a further sharp rise in the national minimum wage could destroy more than 20,000 jobs in the industry.

Stakeholder Response: British Retail Consortium

Dr Kevin Hawkins, BRC director general, said: "There is clearly no justification for further increases to the NMW in real terms. The rise to £4.85 has already cost the industry £1.7 billion and already jeopardised jobs.

"Another rise in the National Minimum Wage could lead to more than 20,000 jobs being lost and would cost the retail sector an extra £2.7 billion.