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Sunday, September 24, 2006
Rising wages may hurt the British economy The confederation of British industry (CBI) has asked the government to control the rise of minimum wages. It cautioned the government that the increase in wages would have a negative impact on the economy and it will fuel the black economy. Minimum wages per hour in U.K will rise by 25p from £5.10 to £5.35 from 1st of October, 2006. In contrast to the warning issued by the CBI, the worker unions in the U.K feel that the rise in minimum wages will not strain the resources of businesses. They tried to rationalize the increase saying that an increase of 30 -35p per year in the minimum wage is quite normal and would not affect the economy by any means. They would like to see the minimum wage per hour to be around £6 by 2008. The confederation of British industry (CBI) in its report to the government said that the rate of wage increases in the country, since 2002, has been faster than the average wage growth. Rising fuel prices and lower growth forecasts for the year 2007 would make it tough for the companies to cope with increasing minimum wages. To read more click here
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