FOR IMMEDIATE RELEASE

Alex Littner, managing director of short-term small business lender Boost Capital (http://www.boostcapital.co.uk/), said: “The confirmation that the National Living Wage will rise to £7.50 an hour next April will be a blow to many small firms already struggling to cope with higher pay rates. Our clients who operate in sectors populated by low-skilled, low-paid workers, such as care homes, retail, and hospitality businesses, have been particularly hard hit by these pay regulations, with firms increasingly borrowing just to cover basic wage costs.
“When the Chancellor has confirmed lower-than-expected levels of growth due to uncertainty over the outcome of the Brexit vote and higher inflation, SMEs are set to be under increasing pressure from many quarters, and it is worrying that higher wage bills will add greatly to this stress.”

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