Ministers miscalculated ‘dramatic impact’ of living wage, business chief warns

‘Ministers have miscalculated the “dramatic impact” of the national living wage on companies’ profitability and hiring, and timed its introduction badly, the new CBI president has said.

Paul Drechsler said while he believed the living wage was “socially . . . the right thing to do”, he believed the number of jobs it would affect had been underestimated.

“I’ve talked to several chief executives and been surprised by the impact on their profits of the change,” Mr Drechsler told the Financial Times.

“In one [big]company it would wipe out all of their profits.”’

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