Experts have warned that Labour’s ambition to boost workers’ pay risks stoking inflation – meaning interest rates and mortgage bills could stay higher for longer.Alternatively, it could prompt firms to cut jobs, fuelling unemployment, according to an analysis of Labour’s plans by Europe’s biggest bank.
Pledge: Labour, led by Kier Starmer , has alarmed some leading business figures with its plans for a wider reform of workers' rights That could drive it up from £11.44 to £12 across the UK and £13.15 for London, HSBC’s economists suggested. RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP ‘A higher minimum wage could increase costs and reduce efficiency, adding to unit labour costs,’ Martins said.
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