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National Living Wage hits small business costs
According to new research by the Federation of Small Businesses (FSB), almost half (47%) of small business owners cite wage increases following the introduction of the National Living Wage (NLW) as the main contributor to the rising cost of doing business. The research has revealed that a third of FSB members claim that the NLW has led to a small increase in their wage costs while one in five have said that their staff costs have gone up significantly. Although 59% of FSB members have absorbed the increased costs through reduced profitability, 35% have increased their prices, 24% have reduced staff levels and 23% have cut investment.