UK businesses trim hiring and pay plans, Lloyds says
British businesses are reducing their plans for staffing and wage increases due to the impending minimum wage rise in April. The Lloyds Bank Business Barometer showed a decrease in the measure of staffing plans and the share of firms expecting to increase wages by 3% or more. The minimum wage in Britain will rise by nearly 10% next month, impacting businesses, especially smaller firms. The Resolution Foundation think tank highlighted the success of Britain’s introduction of the minimum wage 25 years ago in increasing the pay of low earners.