National Living Wage has not resulted in job losses
The introduction in April this year of the National Living Wage (NLW) has not led to job losses, with companies preferring to raise prices or reduce profits instead.
That's according to a survey from the Resolution Foundation, which claims to provide the first snapshot of how businesses across all sectors have reacted to the changes.
The NLW requires companies to page staff aged 25 and over at least £7.20 per hour.
The Office for Budget Responsibility predicted it would lead to 60,000 job losses by 2020.
But the survey of 500 firms, which took place just before the referendum on Britain's membership of the European Union, showed that some 36% had put prices up to cover the cost of the NLW. A further 29% had reduced their profits, according to the BBC.
Only 8% had cut paid breaks, overtime or bank holiday pay.
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