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23 Oct 2023

Family-run Bristol sandwich shop Sandwich Sandwich has been named best in the UK at the UberEats awards.

23 Oct 2023

Convenience stores are set to be part of a testing programme for the UK’s first digital proof of age card.

23 Oct 2023

“Game-changing” facial recognition technology is targeting prolific retail criminals, including shoplifters.

10 Oct 2023

British Independent Retail Association (Bira) acknowledges the Government's investment in towns across the UK.
 

9 Oct 2023

Policing minister Chris Philp has encouraged shop workers to make ‘citizen’s arrests’ on shoplifters, a message branded as ‘dangerous and irresponsible’  by...

9 Oct 2023

A group of independent traders in Budleigh Salterton have started a campaign to attract more shoppers.

9 Oct 2023

New research from Square and Clearpay indicates consumer confidence is rising, with 72% of consumers planning to spend more or the same this coming holiday season compared to last year,...

9 Oct 2023

Miriam Margolyes, Richard Armitage and Tomi Oyemakinde will be among the authors headlining events at this year’s Bookshop Day taking place this Saturday 14th October.

4 Oct 2023

Shop owners have called on the Home Secretary to specifically outlaw attacks on retail workers.

4 Oct 2023

From the start of October, bans and restrictions on single-use plastic cutlery, polystyrene cups and food containers, single-use balloon sticks and certain types of polystyrene cups and...

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SMEs sacrificing profits to pay National Living Wage, survey finds

Posted on in Business News , Cycles News , Creative News, Outdoor News

Nearly two thirds of small British businesses affected by the introduction of the National Living Wage have cut back their profits to cover the cost, according to a new report.

A survey by the FSB found that 64 per cent of small firms have taken a hit to their profits in order to pay their staff more.

39 per cent of businesses have put up their prices in order to cope, 24 per cent have scaled back or cancelled their investment plans and 22 per cent have reduced staff hours.

19 per cent have hired fewer workers, but less than four per cent have hired more workers under the age of 25, who are on a lower pay rate.

The government's National Living Wage increased hourly pay to £7.50, and it is expected that it could rise as high as £8.75 by 2020.

The survey found that while the majority of small businesses were already paying staff above the National Living Wage, 43 per cent had to increase wages to meet it.

"Small employers have demonstrated their resilience in meeting the challenge set by the National Living Wage, with many cutting their margins, or even paying themselves less, to pay their staff more," said Mike Cherry, national chairman at the FSB.

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